ONGC strikes oil from KG-Basin

New Delhi: ONGC has struck oil in its nomination block in Krishna-Godavari Basin. Though this is not the first success of the exploration major in the east coast, this is a fresh block, a new prospect, a senior company official said.

Oil has been struck in nomination block-IG in well G-4-6, 15 km off Yanam Coast, Andhra Pradesh, he said. “The well is still under drilling. The discovery has been notified to the Directorate-General of Hydrocarbons,” he said.

According to ONGC, three hydrocarbon bearing sands have been encountered in the gross interval 3,757 m to 4,185 m based on geological data, log evaluation and one mini-Drill Stem Test carried out on September 30 and October 1. The thickest sand interval (4,108–4,185 m) comprises 55 metres of net oil pay.

ONGC plans a fast-track hub development programme, clustering geographically proximal encouraging finds including a mix of older finds such as G-2 & GS-29 with latter finds such as Padmawati, Kanakadurga, and a slew of other discoveries using a common production facility like an FPSO, the company said.

“This is expected to be on course with an initial rate of 20,000 bbl a day by 2012-13 which is expected to peak to around 150,000 bbl a day by 2016-17,” ONGC said.