HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  


Search:



The Web

Rediff








Business
Portfolio Tracker
Business News
Specials
Columns
Market Report
Mutual Funds
Interviews
Tutorials
Message Board
Stock Talk



Home > Business > PTI > Report

ONGC strikes oil off Mumbai coast

February 14, 2003 14:06 IST

State-owned exploration firm Oil and Natural Gas Corporation has struck huge oil and gas reserves west of its gigantic Bassein gas field.

"The two well drilling campaign west of Bassein gas field (off the Mumbai coast) showed presence of several hydrocarbon bearing zones that are estimated to hold around 48 million tonnes of oil and oil equivalent gas," informed sources said in New Delhi.

However, the reserves are yet to be tested and a formal announcement was likely only next month, they said.

The latest discovery, which comes close on the heals of the discovery of 97 million tonnes of oil and oil equivalent gas in East Bassein, would supplement the decline in Bassein output expected from next year.

Bassein field, which currently produces 32 million standard cubic metres per day of gas, would hit the decline stage from next year with its production falling by as much as 3 mmscmd, sources said adding ONGC would put to production its find in eastern side of the gigantic field by 2004.

© Copyright 2003 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.



Article Tools

Email this Article

Printer-Friendly Format

Letter to the Editor



Related Stories


Cairn strikes oil in Rajasthan

Cairn seeks ONGC equity

Iran offers more crude to India



People Who Read This Also Read


Jaswant may dilute savings sops

Reliance may bid for HPCL: Ambani

Essar Oil up







HOME   
   NEWS   
   BUSINESS   
   CRICKET   
   SPORTS   
   MOVIES   
   NET GUIDE   
   SHOPPING   
   BLOGS  
   ASTROLOGY  
   MATCHMAKER  
© 2003 rediff.com India Limited. All Rights Reserved.