ONGC strikes new oil and gas reserves in Mumbai Offshore basin

The finds were made in exploration blocks granted under the Open Acreage Licensing Policy (OALP), the company revealed in its fourth-quarter earnings report.

One of the key discoveries, made through well MBS181HNA-1 in block MB-OSHP-2018/1, has been named ‘Vajramani’.

“This discovery is an independent fault-bounded nosal feature and lies in the western part of the block,” ONGC said, designating it as a new prospect.

The Mumbai Offshore basin remains the cornerstone of India’s oil and gas production.

It houses the country’s largest offshore field, Mumbai High, located roughly 160 kilometres off the country’s west coast in the Arabian Sea.

The field produces about 1.34 lakh barrels per day, contributing 35 percent of India’s oil output.

It also accounts for around 10 million standard cubic metres per day of natural gas, roughly 18 percent of total domestic gas production.

In addition to Mumbai High, the offshore basin is home to other major assets, including the Bassein and Satellite fields, as well as the Heera, Neelam, and Panna-Mukta fields.

India currently imports over 85 per cent of its crude oil and nearly half of its natural gas needs. While ONGC did not specify development timelines or estimated output from the new discoveries, the additions are expected to bolster India’s energy security in the long term.