New Delhi: The public sector giant Oil and Natural Gas Corporation (ONGC) is expected to start crude oil production from its deep-water project in Krishna Godavari Basin next week.
According to an estimate, this ONGC project is expected to help India save nearly Rs 11,000 crore per year. The Krishna Godavari Basin project will increase the domestic output of crude oil and reduce the outflow of precious foreign exchange on the import of crude oil.
At the current Brent crude price of $77.4, this output alone will save Rs 29 crore every day (at Rs 83.29 to $1) or a huge sum ofRs 10,600 crore every year.
India imports 85 per cent of its crude oil requirements and about half of its natural gas needs.