State-owned Oil and Natural Gas Corp. (ONGC) has made a significant oil discovery to the west of its prime Mumbai High fields in the Arabian Sea. The discovery in the well WO-24-3 is estimated to hold an in-place reserve of about 20 million tonnes. Mumbai High, India’s biggest oil field currently produces 205,000 barrels of oil per day (just over 10 million tonnes per annum) and the new find would add to that production in less than two years time. ONGC is carrying out a further appraisal of the discovery and has intimated upstream regulator the Directorate General of Hydrocarbons (DGH). The new finding will help the company maintain production levels from the basin for a longer time than currently estimated.
Mumbai High is ONGC’s flagship oil producing assets. It along with other small fields along the western offshore produce 16 million tonnes of oil per annum, which is 44 per cent of India’s total crude oil production of 36 million tonnes. ONGC produced 25.5 million tonnes of oil in 2016-17, which will reach 28-29 million tonnes by 2019-20.