First oil flowed at phase two of Oil and Natural Gas Corp. Ltd.’s (ONGC) deepwater KG-DWN-98/2 Block in the Bay of Bengal on Jan. 7, the Indian operator announced on Jan. 8.
The waxy crude of the M Field—part of Phase 2—required the use of pipe in pipe technology, which had not been previously used offshore India, according to ONGC.
ONGC estimates the 98/2 project in the Krishna Godavari Basin offshore East India will increase the company’s oil production by 11% and gas production by 15%.
Phase 1 began production in March 2020, with gas flowing from the block’s U Field.
ONCG said the final phase of the 98/2 project in 4,265 ft water depth is on track for the remaining oil and gas fields to begin production by mid-2024. In November, McDermott announced winning a contract to transport and install a central processing platform and living quarters for the 98/2 project.
Peak production is expected at 45,000 bbl/d and 10 MMcm/d.
Recommended Reading
Hess Midstream Subsidiary to Buy Back $100MM of Class B Units
2024-03-13 - Hess Midstream subsidiary Hess Midstream Operations will repurchase approximately 2 million Class B units equal to 1.2% of the company.
Plains All American Names Michelle Podavin Midstream Canada President
2024-03-05 - Michelle Podavin, who currently serves as senior vice president of NGL commercial assets for Plains Midstream Canada, will become president of the business unit in June.
Targa Resources Ups Quarterly Dividend by 50% YoY
2024-04-12 - Targa Resource’s board of directors increased the first-quarter 2024 dividend by 50% compared to the same quarter a year ago.
Pembina Declares Series of Quarterly Dividends
2024-04-10 - Pembina Pipeline Corp’s board of directors declared quarterly dividends for series 1, 3, 5, 7, 9, 15, 17, 19, 21, 22 and 25.
Kinetik Holdings Enters Agreement to Pay Debt
2024-04-04 - Kinetik Holdings entered an agreement with PNC Bank to pay down outstanding debt.