ONGC discovers oil and gas in MP, WB

Public sector company Oil and Natural Gas Corp (ONGC) has discovered oil and gas in Madhya Pradesh and West Bengal. These discoveries may reveal two new potential reserves.

ONGC found gas deposits at 3,000-plus meters in the Vindhyan basin, Madhya Pradesh, while the other discovery for oil and gas was found in Ashok Nagar, 24 Parganas district in West Bengal. The discoveries are being tested for production.

The company has opened six of the seven producing basins for commercial production and will soon add Kutch offshore basin to its India list. The discovery in Kutch may hold about gas reserves of 1 trillion cubic feet. The company is planning to add three more basins in the span of next five year, said Ajay Kumar Dwivedi, ONGC Director (Exploration).

Meanwhile, the stock of ONGC closed at Rs. 174.15 per share, up marginally at 0.20 per cent. The benchmark index BSE Sensex closed with considerable gain at 38,242.81, up by 224.50 points or 0.59 per cent on Thursday.