Tuesday, 9 January 2018

ONGC makes major oil and gas discoveries at Mumbai High

ONGC India gas discovery

State-run Oil and Gas company, ONGC has made significant oil and gas discovery west to Mumbai High fields. Bombay High (now Mumbai High) is an offshore oilfield located in the Arabian Sea, approximately 160km west of the Mumbai coast. Discovered in 1974, the field started production in 1976 and is operated by Oil and Natural Gas Corporation (ONGC).

The Mumbai High field currently holds 1,659 million metric tonnes (MMT) and is producing approximately 16 MMT of oil per annum, which is 44% of India’s total crude oil production of 36 million tonnes.

The information was received by a reply to LokSabha by Dr. Dharmendra Pradhan, India’s Petroleum and Natural Resources minister. Dr. Pradhan said that the discovery was made in the well WO-24-3 (WO-24-C) drilled west of Mumbai High fields. Based on the data generated during drilling, 9 objects/zones were identified and on testing all the objects flowed oil/gas. The discovery has indicated potential in-place reserves of about 29.74 million tonnes of oil and oil equivalent gas.

Dr.Pradhan informed the lower house,“ the 9th object on testing flowed oil at the rate of 3,310 barrels per day and gas at the rate of 17,071 cubic meters per day,” the minister said. “This multi-layered oil and gas accumulation in this well opened up the new area for exploration/development.” Mumbai High, India’s biggest oil field, currently produces 205,000 barrels of oil per day (just over 10 million tonnes per annum) and the new find would add to that production in less than two years’ time.

Upon the discovery, ONGC’s stock on Bombay Stock Exchange traded in green by a jump of 2% in an intra-day.

Recently, India opened 2.8 million sq km of sedimentary basins for oil and gas exploration with a view to raise domestic production and reduce dependence on oil and gas imports. Under Open Acreage Licensing (OAL), $5-6 billion in exploration activities and another $20-30 billion for development activities is expected.

Source – PTI.

Originally published on MarineBharat.com

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