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KG-D5 Project Commences: ONGC’s Milestone in Enhancing India’s Oil Production

TFI Desk by TFI Desk
10 January 2024
in Trending
ONGC Oil Production KG-D5

PC: Getty Images

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The Oil and Natural Gas Corporation (ONGC) has encountered delays in its Krishna Godavari basin KG-D5 project, with revised projections indicating the commencement of crude oil production in May of the current year, followed by gas output expected a year later. Originally scheduled for gas production initiation from the Cluster-II fields in block KG-DWN-98/2 (KG-D5) in June 2019 and the initiation of oil flow in March 2020, these milestones have undergone multiple shifts. The attributed causes for these delays include contracting and supply chain disruptions stemming from the pandemic. But it finally started production on Monday, “ONGC announces the successful commencement of ‘First Oil’ from the deep-water KG-DWN-98/2 Block, situated off the coast of Bay of Bengal. This 98/2 project is likely to increase ONGC’s total Oil and Gas production by 11 per cent and 15 per cent respectively,” the public sector oil company said in a statement.,” the public sector oil company said in a statement. PM Narendra Modi hailed the start of oil production from company’s flagship deep-sea project, saying this is a remarkable step in India’s energy journey and boosts the mission for an ‘Aatmanirbhar Bharat’.

ONGC’s director (offshore), Pankaj Kumar, highlighted that a floating production unit, known as FPSO, designated for oil production, is already positioned in Indian waters, and oil production is estimated to commence in May. The current gas production from the block stands at 1.7 million standard cubic meters per day (mmscmd). The initial oil production is projected to start at 10,000 to 12,000 barrels per day, reaching a peak of 45,000 bpd within 2-3 months. Additionally, an estimated 2 mmscmd of gas will accompany the oil flow, with the actual gas output anticipated to commence in May 2024, projecting a production of 7-8 mmscmd. Despite these developments, the production estimates fall short of the initially projected figures. At the project’s launch in April 2018, ONGC had outlined an estimated capital expenditure of USD 5.07 billion and operational expenditure of USD 5.12 billion over a field life of 16 years.

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Director Pankaj Kumar expressed the company’s aspiration to curtail the decline in crude oil production in the upcoming fiscal year, while natural gas output is expected to witness an increase. The KG-DWN-98/2 or KG-D5 block, located adjacent to Reliance Industries’ KG-D6 block in the KG basin, features numerous discoveries categorized into three clusters – Cluster-1, Cluster-2, and Cluster-3. The production focus is presently on Cluster 2, comprising two blocks, 2A and 2B. The original investment decision envisaged 23.52 million metric tonnes of oil and 50.70 billion cubic meters (bcm) of gas production over the field’s 16-year lifespan. However, the production profile has undergone alterations since the investment decision. Cluster 2A was initially projected to contain reserves of 94.26 million tonnes of crude oil and 21.75 bcm of associated gas, with an anticipated production of 77,305 bopd and 3.81 mmscmd of associated gas over 15 years. Cluster 2B was expected to produce 12.75 mmscmd of free gas from eight wells over a 16-year life. Presently, the revised output estimates indicate a lower production figure of 45,000 bpd of oil and up to 2 mmscmd from Cluster 2A, along with 7-8 mmscmd from Cluster 2B. The delays and adjustments in production targets underscore the complexities faced by ONGC in realizing its KG-D5 project and necessitate a thorough examination of the factors contributing to these shifts.

Even after all the delays in project’s commencement, investors have shown a lot of confidence and trust for the company as ONGC’s share touched the 52 – week high as the news of project commencement reached the public. The project is believed to increase the revenues and earnings per share of the company, investors will expect a better dividend. The project will improve company’s credit rating and it will be easier for the company to raise funds at lower borrowing costs.

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