Oil and Natural Gas Corporation (ONGC), an Indian state-owned entity, has made two major oil and gas discoveries in the Arabian Sea blocks off the Mumbai coast.
The first find was made in the 725km² Amrit block, while the second was in the 4,668km² Moonga block.
The Indian energy major won these blocks in the first and third open acreage licensing policy (OALP) auction rounds. The OALP mechanism permits companies to pick acreages for bidding on the basis of data analysis.
ONGC director (exploration) Sushma Rawat said that with these notable findings in the OALP I and OALP III rounds, ONGC reaffirms its exploration commitment to unlocking the vast potential of India’s hydrocarbon resources along with reserves accretion, strengthening the nation’s energy security.
ONGC has notified the directorate general of hydrocarbons and the ministry of petroleum and natural gas about these discoveries.
“These achievements not only strengthen India’s energy security and reduce dependence on imports but also drive economic growth, technological advancements and environmental sustainability,” the energy giant said in its press statement. “ONGC’s remarkable exploration successes pave the way for a more prosperous and self-reliant energy future for India, cementing its position as a leading player in the global energy landscape.”
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In February, reports emerged that ONGC is planning to invest more than $2bn (Rs164.37bn) to undertake drilling wok at 103 wells at the Bassein and Satellite assets offshore India.
ONGC currently has three main assets off the west coast. These include Mumbai High, Heera and Neelam, and Bassein and Satellite.
Under the agreement, the French company will offer technical aid for ONGC’s efforts to explore deepwater blocks, especially in Mahanadi and Andaman off India’s east coast.