ONGC Makes Discovery in Vasai Field Offshore India

ONGC has made a huge oil discovery west of the Vasai gas field off the Mumbai coast. The Vasai West is estimated to contain 240 million barrels of in-place oil plus oil-equivalent gas. ONGC made six new discoveries, at Vasai West (oil and gas) in Western Offshore, GS-49 (gas) and GS-KW (oil and gas) in Krishna Godavari offshore, Chinnewala Tibba (gas) in Rajasthan, Laipling-gaon (oil and gas) and Banamali (oil) both in Assan.

Laipling-gaon is estimated to contain 100 million barrels of in-place oil reserves. At Chinnewala Tibba, testing indicates presence of sweet gas with more than 7000 Kcal/m calorific value, against usual range of 1250 to 3100 Kcal/m in other gas finds in Rajasthan.

ONGC's crude production in 2002-03 crossed the 26 million ton mark, an increase of 1.3 million tons over the production in 2001-02.

The increase came mainly from ONGC's prime asset, the Mumbai High field, thanks to the re-development projects launched in 2001.

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Brent Crude Oil : $53.96/BBL 0.35%
Light Crude Oil : $51.36/BBL 0.21%
Natural Gas : $3.209/MMBtu 0.34%
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