The ONGC has found traces of a new oil reserve in Gujarat which could
increase the company's total onshore oil production by about 20 per cent.
The new hydrocarbon structure located at North Kadi in Mehsana area is likely
to produce at least one million tpa of oil (about 20,000 bpd of oil).
ONGC has about 1,200 drilling wells in Mehsana. The new location is likely to
require about 500 wells to be drilled at an estimated investment of about Rs 500
crore, as per sources. The company has completed the seismic study of the area
and is likely to start drilling once it gets the necessary permissions.
Also See:
ONGC
eyes stake in South Pars gas field (27-Nov-09)