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16

India's ONGC Made 5 Huge Discoveries

The discoveries had taken place in new formations and might lead to many more exploration prospects in the near future

Indian oil and gas major ONGC has made five oil and gas finds in eastern offshore and North-East, where 3-4 trillion cubic feet of gas reserves have already been established.

"ONGC made second discovery in Mahanadi basin in MN-DWN-98/3 block in east coast of India, about 60 km off Paradeep coast (in Orissa)," a company press release said today.

R.S. Sharma, chairman and managing director, said after the meeting that these discoveries were very significant for ONGC as the discoveries had taken place in new formations and might lead to many more exploration prospects in the near future.

The company has so far drilled five wells in Mahanadi Basin and made the first discovery in 2006. It, however, did not say the reserve potential in the new discovery.

ONGC produced 99,840 cubic metres per day of gas and 91 barrels per day of condensate from Uppidi-1 well in Block-1B in Krishna Godavari basin, off the east coast. The block was awarded to ONGC prior to advent of NELP in 2000.