ONGC discovers oil, gas offshore Mumbai

Indian state-run energy producer ONGC on May 11 announced that it had discovered oil and gas in two blocks offshore Mumbai, named Amrit and Moonga, which were won by the company in recent open acreage licensing rounds (OALP).

ONGC did not provide any information regarding the amount of reserves found in the blocks. The company stated that a detailed assessment of the discoveries is currently underway.

ONGC director (exploration) Sushma Rawat said that these discoveries demonstrate the company's commitment to unlocking India's hydrocarbon resources and strengthening the nation's energy security.

"The discovery represents a momentous achievement, underscoring exploration dedication to expanding domestic production and reducing India's reliance on imported oil and gas," ONGC said. 

The OALP was launched by Indian government in June 2017. According to India’s oil and gas ministry, the OALP adopts all the features of Hydrocarbon Exploration and Licensing Policy (Help): reduced royalty rates; no oil cess (an extra tax); a uniform licensing system; marketing and pricing freedom; revenue-sharing model; and exploration rights on all retained area for the full contract life.