Oil and Natural Gas Corporation (ONGC) has discovered oil in the hydrocarbon-rich Krishna Godavari (KG) basin, which may turn out to be significant for the country’s largest oil explorer, according to sources. The discovery is said to be made in the block KG-DWN-98/2. ONGC is now accessing the reserves. It will inform the upstream regulator directorate general of hydrocarbons (DGH) after the assessment of the reserve. An announcement on this is expected in a month. ONGC director (offshore) Sudhir Vasudeva, however, declined to comment on the discovery, citing confidentiality.
ONGC roped in Statoil of Norway and Petrobras of Brazil as equity partners in the KG-DWN-98/2. Statoil and Cairn
ONGC has announced last month that it would invest $5.3 billion to develop gas and oil finds in the KG basin blocks to produce 25 million metric standard cubic meters per day (mmscmd) of gas and 8,000 barrels of oil per day (bopd) by 2012-13. This investment does not cover the fund required for its recent oil discovery and the ultra deep water gas discovery.
ONGC had earlier discovered gas from the same block which is adjacent to Reliance Industries’ KG-DWN-98/3 where RIL had made the country’s biggest gas discovery. The ONGC discovery reaffirms the abundance of oil in the country’s east coast. KG basin is turning out to be
| Company Name | CMP |
|---|---|
| ONGC | 245.40 |
| Oil India | 446.70 |
| Jindal Drilling&Inds | 763.15 |
| Hind Oil Exploration | 196.30 |
| Deep Industries | 597.40 |
| View more.. | |
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