State-run Oil and Natural Gas Corporation (ONGC) on Thursday said that it has made discoveries of oil and gas in Amrit and Moonga blocks in Mumbai offshore.

Amrit is an Open Acreage Licensing Policy (OLAP) block in the Mumbai Offshore (SW) on the Arabian sea, while Moonga is also an OALP exploration block in Mumbai Offshore. Detailed assessment of the discoveries is in progress, the exploration and production (E&P) giant said.

With these discoveries, ONGC continues its impressive streak in the OALP blocks by making new discoveries in consecutive years, it added.

Also read: Why ONGC stock is a good medium-term investment opportunity

Also read
The fertiliser sector accounts for around 35 per cent of the natural gas demand in the country, followed by city gas distribution (20 per cent), and the power sector (14 per cent). 

India’s natural gas consumption in 2023 revised upwards on softening LNG prices

Findings notified

The Maharatna company said that it has also notified the Directorate General of Hydrocarbons (DGH) and the Ministry of Petroleum and Natural Gas (MoPNG) about these findings.

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, she added.

ONGC’s relentless pursuit of exploring untapped regions yielded these finds. By diligently analysing geological data and employing advanced technologies, ONGC successfully identified substantial oil and gas reserves, reaffirming the untapped potential within the OALP blocks.

The discoveries in both the OALP I and OALP III rounds carry significant importance towards energy security by bolstering domestic production. The reduced dependence on imported oil and gas enhances the country’s resilience to global market fluctuations, ensuring a stable and secure energy supply.

ONGC’s successive discoveries in the OALP blocks awarded under the OALP I and OALP III rounds demonstrate the company’s unwavering commitment to unlocking India’s hydrocarbon potential. These achievements not only strengthen India’s energy security and reduce dependence on imports but also drive economic growth, technological advancements, and environmental sustainability.

The CPSUs remarkable exploration successes pave the way for a more prosperous and self-reliant energy future for India, cementing its position as a leading player in the global energy landscape

Related Topics
comment COMMENT NOW