​Oil and Natural Gas Corporation (ONGC)

Oil and Natural Gas Corporation (ONGC) is not commenting on the potential of its July offshore discovery at well WO 24-3, but knowledgeable sources estimate that it holds in-place reserves of about 146.6 million BOE. The well lies west of the company’s Mumbai High field, which annually produces about 65.9 million to 73.3 million BOE. ONGC tested nine zones at WO 24-3, with one producing more than 3,000 B/D of oil and deeper zones encountering oil and gas, according to one source, who also said that the discovery is in a different play than those at Mumbai High. The company plans appraisal drilling to better define the size of the discovery.