Dec 18, 2006

ONGC has found huge gas reserves in the Bay of Bengal

ONGC, the exploration and development major, has found huge gas reserves in the Bay of Bengal, with estimated size of the discovery being pegged at about 21 trillion cubic feet (TCF). The ultra-deepwater well UD-1, the block where oil is found is also expected to contain crude oil as well. ONGC had done a mud drill test of the well and preliminary estimate put in-place reserves at 600 Billion cubic metres (BCM)(over 21 TCF). However, company has not commented on the discoveries. Such a giant discovery is expected to enhance the gas supply for the country in the long run.

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