Our Bureau

New Delhi, March 4

OIL and Natural Gas Corporation Ltd (ONGC) has discovered large gas reserves in Krishna Godavari basin off the Andhra Pradesh coast.

Drillship Discoverer Seven Seas struck gas reserves at well G1-12 in a block that was given to ONGC on nomination basis prior to the New Exploration Licensing Policy (NELP).

"We have made a significant gas discovery in the on-going Sagar Samriddhi deep-water exploration campaign in the Krishna Godavari basin. Presence of gas has been confirmed through log evaluation and wire-line testing. Conventional testing is in progress," an ONGC statement said here on Friday.

Though the company has not put an estimate of the gas reserves, preliminary estimates put the ultimate reserves at 4 trillion cubic feet.

The G1-12 was drilled in 553 metres water depth and reached its targeted depth of 2,449 metres last month. The well is located 30 kms from Amalapuram coast and 75 kms from the Kakinada port, the statement said.

(This article was published in the Business Line print edition dated March 5, 2005)
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