India’s Oil and Natural Gas Corporation (ONGC) has discovered a new pool of reserves in the D1 oilfield located off the west coast of the country.

"The news has come as a relief to ONGC as it posted a three percent fall in crude-oil output for the quarter ending 30 June."

The company expects that the new discovery will more than quadruple the output from the field to 60,000 barrels a day by March 2014.

The news has come as a relief to ONGC as it posted a three percent fall in crude-oil output for the quarter ending 30 June.

Sudhir Vasudeva, ONGC chairman, said in a news conference: "This discovery indeed has come up with a lot of promise signifying a substantial increase in the production for the company. Finally we have made it to a large discovery which was eluding us for long."

The company, however, also reported a 48% jump in its June quarter net profit, to Rs.60bn ($1.09bn) compared to Rs40.94bn ($738.6m) in the same period in 2011.

During the last five years the firm’s local production has been declining as the majority of its producing fields are ageing.

ONGC has set a target to increase its market capitalisation by four times, increase its revenue by three-fold and double its production rates by 2030, reports the Hindu.