Oil and Natural Gas Corporation (ONGC) has made a significant oil and gas discovery in the western offshoure, about six kms east of Bassein (Vasai) gas field, petroleum minister Ram Naik said on Tuesday. ONGC had last week made a very big oil and gay discovery in Vasai, near Mumbai high fields, Naik told reporters.
ONGC chairman and managing director Subir Raha said the new discovery is estimated to have inplace of reserves of over 65 million tonnes of oil and oil equivalent gas.
We encountered several hydrocarbon units in the third exploration well drilled in Bassein east, Raha said, adding the new gas finds are estimated to have seven billion cubic metres of gas reserves. Oil flowed at a rate of 1500 barrels per day. Another well would be drilled this fiscal to access inplace oil reserves, he said.
The company had first discovered hydrocarbon units in Bassein east in early October, Raha said adding the third exploratory well drilled last week established oil and gas reserves which can be commercially exploited.
Delineation was taken on fast track and now we are evaluating the extent of recoverable reserves and would soon be charting out a development programme, Raha said.
Recoverable reserves could be as high as 30-35 million tonnes.
Bureau Report