Page 147 - CW E-Magazine (19-8-2025)

Hydrocarbons

ECO CLEARANCE SOUGHT
ONGC to invest Rs. 4,600-cr to drill 10 development

wells, other infra in KG Basin

State-owned ONGC will invest over towards extended EMP (Corporate
Rs. 4,600-crore to drill 10 development Environment Responsibility),” the EAC
wells, set up two unmanned platforms, added in the statement. A develop-
lay an off shore pipeline, and establish ment well is drilled in a proven area to
an onshore gas processing facility in extract oil or gas, following explora-
Konaseema District of Andhra Pradesh. tion and appraisal drilling that confi rm
commercially viable reserves.
ONGC has approached the Ministry
of Environment and Forests seeking The proposal was earlier reviewed
fresh environmental clearance for the by the EAC in its February 2025 meet-
proposed project, as per minutes of the ing, wherein the panel deferred its
meeting dated July 24 shared by the approval, seeking certain requisite infor-
Experts Appraisal Committee (EAC) mation and inputs from ONGC. In its
under the ministry. latest meeting, the EAC again deferred
proposed installation. Greenbelt will the proposal, asking for additional
Letter of Award (LoA) for Off shore be developed in a total area of 8.7 information.
Oil and Gas Contract areas, comprising hectares, i.e., 33% of total project
an area 697 sq km and a separate area area. The estimated project cost is The Committee, among other recom-
of 148 sq km in East coast were issued Rs. 4,606.35-crores,” the EAC said. mendations, advised the PSU to
by the Director General of Hydrocar- “conduct a comprehensive biodiversity
bons in September 2022 under DSF-III “Capital cost of EMP (Environ- assessment to evaluate the impact of
(Discovered Small Field-III). mental Management Plan) would be drilling activities” and to “prepare an
Rs. 14-crore and recurring cost for EMP environmental restoration action plan,
“Total land area required is 26.3 would be Rs. 3-crore per annum. Indus- with a dedicated budgetary allocation
hectares (Odalarevu Terminal) for the try proposes to allocate Rs. 14-crore for its implementation.”
RISE IN PRICES
SBI report reviews impact on India’s fuel bill if Russian

oil imports stopped

India’s crude oil import bill could countries stopped buying from Russia, total oil imports surged from just
increase by $9-bn to $12-bn, if the crude oil prices could rise by around 1.7 percent in FY20 to 35.1 percent in
country stops buying Russian crude oil, 10 percent, provided no other countries FY25, making Russia India’s largest
according to a report by the State Bank increase their production. oil supplier. In volume terms, India
of India (SBI). imported 88-million metric tonnes
India substantially increased pur- (mmt) of crude from Russia in FY25,
The report noted that if India halted chasing of Russian oil since 2022, out of its total oil imports of 245-mmt.
oil imports from Russia for the rest of which was sold at a discount, capped at
FY26, the fuel bill might increase by $60 per barrel, to ensure energy security Before the Ukraine war, Iraq was
$9-bn in FY26 and $11.7-bn in FY27 after Western nations imposed sanc- India’s top crude supplier, followed
due to increase in prices. tions on Moscow and avoided its sup- by Saudi Arabia and the United Arab
plies following the invasion of Ukraine. Emirates (UAE).
Russia currently accounts for 10
percent of the global crude supply. If all As a result, Russia’s share in India’s Indian refi ners generally source oil

Chemical Weekly August 19, 2025 147

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