Oil from KG basin can fuel ONGC’s fortunes. But that’s only one side of the story.

Synopsis
ONGC, for the first time, has started producing oil from the D5 block of the Krishna Godavari (KG) basin in one or two days. This can change a lot for the company, which has been under fire for the gradual decrease in output for nearly a decade. Twist in the tale: it can again become a golden goose for the government.

When Reliance Industries Limited (RIL) announced a mammoth gas find in the Krishna Godavari (KG) basin, off the Andhra Pradesh coast, in 2002, it was seen as a discovery that could lower India’s high dependence on energy imports. However, things didn’t pan out as expected. Production from the field never reached its assured levels. In fact, it has always been mired in controversies for low output. But the narrative is set to change now with the

( Originally published on Jan 05, 2024 )