The Hindu Business Line : ONGC confirms oil finds in KG and Mahanadi basins

The exploration and production major, Oil and Natural Gas Corp (ONGC) has confirmed striking natural gas in Krishna Godavari basin off the Andhra Pradesh coast and Mahanadi basin off Orissa coast. "I can confirm a huge gas find in ultra deepwater in KG basin and a commercial discovery in Mahanadi basin," Mr Murli Deora, Petroleum Minister, said.

Speaking to newspersons, ONGC Chairman, Mr R.S. Sharma said the KG well in water depth of 2,840 metres was still to reach its target depth but initial testing in the presence of Directorate General of Hydrocarbons (DGH) officials has confirmed the presence of natural gas. The well has reached a depth of 6,600 metres and the target depth of 7,000 metres would be reached in the next two weeks. ONGC will drill four-five more appraisal wells before it can announce the size of the discovery and the reserves it holds, he said.

On whether the company was scouting for strategic partners, he said, the discovery in KG basin posts technological challenges for which the company was looking for a strategic partner.

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