ONGC makes two new oil and gas discoveries

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 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.

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"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.