ONGC finds 3 major reserves at KG basin
State owned explorer ONGC on Tuesday claimed that it had made three “significant” oil and gas discoveries, including in a block that sits next to Reliance Industries’ KGD6 area in the Krishna Godavari basin.
“Exploratory/appraisal well KG-DWN-98-A#2 in NELP Block KG-DWN98/2 was drilled to a depth of 2,541 metres. It flowed 3,200 barrels of oil and gas at the rate of 113,760 cubic metres per day (during testing),” said ONGC in a statement. It said that the results of this (second appraisal well) will give a very significant boost to ONGC’s efforts to monetise discoveries in the northern discovery area of this block.
Block KG-DWN-98/2, sits next to RIL’s KG-DWN98/3 or KG-D6 block.
About the second discovery, ONGC said that an exploratory well in NELP block KG-DWN-2005/1, in KG deep offshore basin was drilled to a depth of 5,010 metres (intermediate depth).
“The interval between 4,634 - 4,646.8 metres in Ravva formation of the Miocene age was found interesting from the hydrocarbon point of view. Well is under further drilling. This discovery provides an exploration lead to the south of the prolific KG-DWN-98/2 block,” said ONGC.
On the third discovery ONGC said that the exploratory/ appraisal well GK-28 # 9 in GK-28 PML, Kutch Shallow Offshore, Western offshore basin was drilled to a depth of 1,365 metres.
“Conventional testing produced gas at the rate of 2,21,950 cubic metres per day. This will add value to GK-28/GK-42 areas which ONGC plans to put on production, adding a new producing basin in India,” added ONGC.
Meanwhile ONGC board on Tuesday cleared three investment proposals worth over `2,000 crores. The board approved acquisition of new well stimulation vessel for Mumbai offshore.
It approved the construction of a state-of-the-art well stimulation vessel. The estimated total cost of acquiring the latest-technology vessel is `1,384 crores ($250 million), said ONGC.
The stimulation vessel would improve well productivity in three ONGC offshore assets and basins. The board approved a pan-ONGC access control and surveillance system project.