ONGC To Start Crude Oil Production In KG Basin Next Week

The production will help India save nearly Rs 11,000 crore per year. India imports 85 per cent of its crude oil requirements and about half of its natural gas needs.

The state-owned Oil and Natural Gas Corporation (ONGC) will start the production of crude oil from its flagship deep-water project in Krishna Godavari Basin next week. 

The production will help India save nearly Rs 11,000 crore per year. India imports 85 per cent of its crude oil requirements and about half of its natural gas needs.

ONGC also plans a capital expenditure of Rs 1 lakh crore for petrochemical projects by 2028-2030. The investment will be used for two separate projects.