ONGC has discovered oil and gas at an offshore field near Bombay. This new find, together with recent gas discoveries on the east coast by Cairn Energy Plc augurs well for more discoveries. Oil and gas was found at a depth of 1,775 meters near the Bombay High offshore field, which accounts for two-thirds of India's annual output of about 30 million tons. The well will be drilled up to a depth of 2,785 meters. The field is being evaluated and 3-D seismic data acquisition is planned in the next quarter. Preliminary estimates indicated that the field had recoverable reserves equivalent to about 35 million tons of oil.
India's Director General Hydrocarbons Avinash Chandra said surveys conducted by his organization showed good potential for future discoveries. A good response from foreign companies is expected when new exploration blocks are in the third round of India's New Exploration Licensing Policy in March.