New Delhi: State-run explorer Oil and Natural Gas Corp. (ONGC) said Thursday it has made three significant oil and gas discoveries.
Two of the finds are in India's east coast and one in the state of Tripura, it said.
In a statement here, ONGC said its board has also decided to invest over Rs.4,050 crore to upgrade its Arabian Sea facilities.
The company said in its pre-licensing round block located in the West Godavari district of Andhra Pradesh, the exploratory well Vanaduru South 1 flowed at the rate of 181 barrels a day and gas at the rate of 51,772 cubic metres per day.
Saying that "the oil is of very high quality", the company said the discovery indicates a good potential in the area.
The board also took note of more discoveries made in NELP block KG-OSN-2004/1, in Krishna Godavari shallow offshore basin on the east coast, the statement said.
"This high potential discovery augments the hydrocarbon volumes established through two earlier discoveries, namely Chandrika South and Alankari, in the block," the statement said.
According to the company, the discovery is a significant boost to ONGC's efforts towards attaining critical hydrocarbon volumes for viability of a possible "cluster based development" for the block.
In Tripura, the company has struck hydrocarbon in its pre-licensing round block. Conventional testing showed gas flow at the rate of 1,08,576 cubic metres per day.
The ONGC board also decided to invest over Rs.4,050 crore to upgrade western offshore facilities through two major projects.
The first project is the revamp of unmanned platforms Phase-II in Mumbai High and the Neelam and Heera asset. The total revamp job is expected to be completed by pre-monsoon 2016.
The second project concerns revamp of two major process complexes, BPA and BPB, in the prolific Bassein and Satellite field in the western offshore. While the revamping work of BPB is planned to be completed in 2013-14, that for BPA is scheduled for completion in 2014-15.