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ONGC rises on starting $5.07 billion KG oil

Oil and Natural Gas Corp (ONGC) has kick-started its $5.07 billion KG oil and gas project by spudding the first of the 34 wells, targeting first gas by end of 2019. The well KDG-A is one of the 34 wells planned under this mega project. The deepwater well has a target depth of 2346 meters, under a water depth of 518 meters. The well is expected to produce around 5000 barrels of oil per day (bopd) when put to production.

The project will cumulatively produce around 25 million tonnes of oil and 45 billion cubic meters of gas with peak production of 78,000 barrels per day of oil and 15 million standard cubic meters per day.

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