New Delhi: State-run Oil & Natural Gas Corporation (ONGC) has made oil and gas discoveries in two blocks that it bagged under the Open Acreage Licensing Policy (OALP). “Oil and Natural Gas Corporation Limited (ONGC) has made discoveries of oil and gas in MBS171HAA-1 (MBS171HAA-A)-“AMRIT” in OALP (Open Acreage Licensing Policy) block MB-OSHP-2017/1 in Mumbai Offshore (SW) on the Arabian Sea. There is another remarkable discovery in MBS182HDA-1(MBS182HDA-A) named “Moonga” in OALP exploration Block in Mumbai Offshore,” said a statement on Thursday. A detailed assessment of the discoveries is in progress, the oil and gas major said.
ONGC had won the MB-OSHP-2017/1 block in OALP bid round I in 2018 and the other in the third round in 2019. “With these discoveries, ONGC continues its impressive streak in the OALP blocks by making new discoveries in consecutive years,” said the PSU.
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.
“The discovery represents a momentous achievement, underscoring exploration dedication to expanding domestic production and reducing India’s reliance on imported oil and gas,” said the statement.
After making the two discoveries in Mumbai offshore, ONGC has promptly notified the Directorate General of Hydrocarbons (DGH) and the Ministry of Petroleum and Natural Gas (MOP&NG) about these remarkable findings, said the PSU.
ONGC has recently stepped up a USD 7-billion investment plan which will unfold over the next three-four years and which is aimed at reversing the trend of decline in oil and gas production. Up to 24 field development, enhanced oil recovery (EOR) and improved oil recovery (IOR) projects are currently in progress.
“ONGC’s relentless pursuit of exploring untapped regions yielded these finds. By diligently analyzing geological data and employing advanced technologies, ONGC successfully identified substantial oil and gas reserves, reaffirming the untapped potential within the OALP blocks,” said the statement.
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