(ET)
The latest discovery of India’s largest oil explorer, Oil and Natural GasBSE 1.57 % Corp , to the west of its Mumbai High offshore fields is estimated to hold in-place reserves of about 20 million tonnes, sources with knowledge of the matter said.
The Mumbai High field annually produces oil and natural gas of about 9 million to 10 million tonnes of oil equivalent. The company discovered hydrocarbon reserves west of Mumbai High at well WO 24-3 in July. ONGCBSE 1.57 % tested nine zones in the well, the two sources with knowledge of the matter told Reuters.
“One zone alone yielded more than 3,000 barrels per day of oil and there are deeper zones where oil and gas both are encountered,” said one of the sources. “It is a large discovery going by Indian standards and is in a different play than discoveries made in the neighbouring Mumbai High fields,” the source said.
