India’s state-owned company ONGC announced a key offshore oil and gas discovery

Inspenet, May 14, 2023

India’s state-owned exploration and production company ONGC has made what it describes as a key oil and gas discovery in the country’s western offshore basin.

ONGC has discovered exploration wells MBS171HAA-1, named Amrit, and MBS182HDA-1, named Monga, in block MB-OSHP-2017/1, in the Mumbai offshore region, in the Arabian Sea.

Details of the reservations have not yet been released. “A detailed evaluation of the discoveries is underway,” ONGC stated on May 11.

The block was awarded to the company under the Indian Open Area Licensing Policy (OALP). OALP was introduced in 2017 to attract major oil and gas companies to develop India’s upstream sector.

ONGC previously made a key gas discovery in the MBS171HAA-1 exploration well in the Mumbai offshore region, with a gas flow rate of 145,093 m³/d from the Panna Formation.

1806 ONGC India descubre petroleo y gas shutterstock interna

ONGC discovery is the deepest recorded in the sector

This discovery is so far the deepest recorded in the sector, at a depth of 3,800 m, as stated by ONGC in February.

These discoveries could give a boost to Indian domestic production at a time when the country struggles to meet production targets and reduce its reliance on oil and gas imports.

India’s crude and condensate production of 586,000 b/d for fiscal April 2022-March 2023 was around 9pc below its 641,000 b/d target for the year on imports of 4.67mn b/ d meet 87pc of demand, Oil Ministry data show. India produced 34 billion m³ of natural gas in 2022-23, 2% more than the previous year but well below its consumption of 60.3 billion m³.

State-controlled ONGC produced 390,000 b/d of crude and condensate during 2022-23, below its target of about 424,000 b/d but stable from a year earlier. ONGC produces 70% of India’s natural gas and 60% of its oil.

Source : Capital Market

Photo: ShutterStock

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