"Development of the KG-DWN-98/2 field will potentially reduce India’s annual import bill by up to USD 3.5 billion," the company says in a press release
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The revision in prices comes amid ongoing fluctuations in fuel costs and market dynamics
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The finance ministry posted on X about the outcome of the budget announcements and reported about the reduction of equity assistance and postponement of filling strategic reserves
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India, the world's third-largest oil importer and consumer, traditionally relied on nearby Middle Eastern nations to meet the majority of its oil needs, aiming to reduce freight costs
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Officials suggest that a thorough pricing review is imminent, with the OMCs possibly holding profit margins of Rs 10 per litre that could be passed on to consumers
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This milestone marks the fruition of ONGC's strategic foray into high-risk deep-water exploration
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With an estimated peak production of 45,000 barrels of oil per day, this achievement marks a significant milestone in India's energy journey, contributing to the government's Aatmanirbhar Bharat mission
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This 98/2 project is likely to increase ONGC’s total Oil and Gas production by 11 percent and 15 percent respectively
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