The Oil and Natural Gas Corporation (ONGC) has made two new discoveries of oil and gas reserves - gas at the Krishna-Godavari basin block and oil in the Cauvery basin.
"The two discoveries have been notified to Directorate General of Hydrocarbon after the previous board meeting held Sep 22," ONGC said in a statement Saturday. It had announced an oil discovery in Cauvery Basin block and gas in Krishna-Godavari Basin Sep 22.
The newly-discovered oil reserve is in the PEL block of the Cauvery basin in Tamil Nadu and the oil well on the site has already been put on production.
"This is a new prospect discovery in a separate structural culmination developed in a fault block north of Kovilkallappal in Thanjavur district, Tamil Nadu," the statement said.
The gas reserve is at Krishna-Godavari Basin in Andhra Pradesh, and located only three km off Amalapuram and at a depth of eight meters.
"The development of the shallow water area is under concept state in the east coast and would be consolidated for evolving a cluster based approach of development and production," the ONGC statement said.