Indian state petroleum minister Rameswar Teli
Key ONGC KG Basin project to start crude output in May
Despite the delays and the cost overruns, KG-DWN-98/2 could be pivotal in turning around India’s declining oil production
ONGC, India’s largest crude oil producer, will start commercial production from its much-awaited and much-delayed KG-DWN-98/2 project in the Krishna-Godavari (KG) Basin in May. There is much fanfare and positivity about the project, which is seen as a barometer for the fortunes of India’s deepwater revival after ONGC announced ‘first oil’ from the block, situated off the coast of the Bay of Bengal, in early January. This 98/2 project is likely to increase ONGC’s oil and gas production by 11% and 15% respectively. ONGC noted that “the flagship project is on track with the final phase, with the balance oil and gas fields of the block scheduled to be put on production by mid-2024”. Peak product
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
