ONGC makes promising oil, gas discoveries in Mumbai offshore
The discoveries have been made in blocks awarded under the Open Acreage Licensing Policy (OALP) regime, the state-owned firm said in its fourth-quarter earnings statement.
The discoveries, which have been named Suryamani and Vajramani, were made in OALP-VI block MB-OSHP-2020/2 and OALP-III block MB-OSHP- 2018/1, both in the offshore Mumbai basin.
Exploratory well MBS202HAA-1 on Block MB-OSHP-2020/2 flowed 2,235 barrels per day of oil and 45,181 million cubic metres a day of gas during testing done in the January-March quarter.
"This is the first discovery in Basal Clastics in OALP Block MB-OSHP-2020/2. The success in well MBS202HAA-1 was notified as New Prospect Discovery and rechristened as 'Suryamani'," ONGC said.
Subsequently, during the current quarter, a second zone was tested on the same well, which flowed 413 barrels per day of oil and 15,132 cubic metres a day of gas.
"This hydrocarbon success in Mukta Formation was encountered for the first time in OALP Block MB-OSHP-2020/2 and was notified as New Pool Discovery of Suryamani prospect." Exploratory well MBS181HNA-1 in OALP-III Block MB-OSHP-2018/1 Mumbai flowed 2,122 barrels of oil per day and 83,120 cubic metres of gas a day during testing.
"This discovery is an independent fault bounded nosal feature and lies in the western part of the block MB-OSHP-2018/1. The success in well MBS181HNA-1 was notified as New Prospect Discovery named as 'Vajramani'," ONGC said.
Mumbai offshore is home to India's biggest oil and gas fields. Mumbai High, located 160 km off the west coast of India in the Arabian Sea, is the nation's largest and most prolific offshore oil and gas field.
The field produces about 1,34,000 barrels per day (bpd), accounting for 35 per cent of India's domestic oil production. The field also produces around 10 million standard cubic metres per day (mmscmd) of gas, representing about 18 per cent of the country's gas output.
Mumbai Offshore is also home to the giant Bassein and Satellite gas fields and other significant fields like Heera and Neelam, and Panna-Mukta.
India imports more than 85% of its oil needs and about half of its natural gas requirement. The new discoveries will help augment domestic production, although ONGC gave no timelines for developing the new finds or the production potential.
Besides Mumbai offshore, ONGC also made a discovery in the KG basin on land block during the January-March quarter.
Exploratory well Yandapalli-1 drilled down to the depth of 3,958 metres in Malleswaram PML in the onland sector of KG Basin found oil and gas reserves, ONGC said.
"This hydrocarbon success of well Yandapalli-1 was notified as New Prospect discovery," it added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
10 hours ago
- India Today
Less than 40% ITRs processed as government pushes deadline to September 15
The Finance Ministry has extended the deadline for filing income tax returns (ITR) for the assessment year 2025-26 to 15 September, giving taxpayers an additional 46 days from the original deadline of 31 move comes amid delays in processing returns and the rollout of updated ITR RELEASE OF ITR UTILITIESThis year, the Income Tax Department released Excel utilities for ITR-1 and ITR-4 on 29 May, almost two months later than usual. These tools allow taxpayers to file returns online or offline and ensure proper validation before Utilities for other ITR forms (ITR-1 to ITR-6) have since been released, but the utility for ITR-7 is still THAN 40% RETURNS PROCESSEDSince filing began on 29 May, around 3.29 crore returns have been submitted, with 3.19 crore verified. However, only 1.13 crore returns, less than 40% of the total filed, have been processed by the government so far, even after three BEHIND DATE EXTENSIONThe Finance Ministry explained that the extension was needed due to 'extensive changes' in the ITR forms and utilities. These revisions were aimed at simplifying compliance, improving transparency, and ensuring accurate reporting. The ministry also highlighted the time required for system development, integration, and testing of the new utilities as a key reason for the experts say this additional time will help taxpayers complete filings correctly, reduce errors, and ensure the smooth processing of returns.- EndsTrending Reel
Business Standard
13 hours ago
- Business Standard
Volumes soar at Clean Science & Technology Ltd counter
Clean Science & Technology Ltd clocked volume of 278.41 lakh shares by 14:14 IST on NSE, a 256.31 times surge over two-week average daily volume of 1.09 lakh shares Jupiter Wagons Ltd, India Cements Ltd, Happiest Minds Technologies Ltd, Nava Ltd are among the other stocks to see a surge in volumes on NSE today, 21 August 2025. Clean Science & Technology Ltd clocked volume of 278.41 lakh shares by 14:14 IST on NSE, a 256.31 times surge over two-week average daily volume of 1.09 lakh shares. The stock lost 2.32% to Rs.1,153.40. Volumes stood at 82310 shares in the last session. Jupiter Wagons Ltd saw volume of 391.14 lakh shares by 14:14 IST on NSE, a 41.75 fold spurt over two-week average daily volume of 9.37 lakh shares. The stock increased 8.87% to Rs.359.10. Volumes stood at 4.9 lakh shares in the last session. India Cements Ltd notched up volume of 93.42 lakh shares by 14:14 IST on NSE, a 23.81 fold spurt over two-week average daily volume of 3.92 lakh shares. The stock rose 6.05% to Rs.392.65. Volumes stood at 3.09 lakh shares in the last session. Happiest Minds Technologies Ltd saw volume of 26.15 lakh shares by 14:14 IST on NSE, a 17.41 fold spurt over two-week average daily volume of 1.50 lakh shares. The stock increased 2.28% to Rs.605.25. Volumes stood at 1.63 lakh shares in the last session. Nava Ltd registered volume of 82.72 lakh shares by 14:14 IST on NSE, a 15.97 fold spurt over two-week average daily volume of 5.18 lakh shares. The stock rose 14.72% to Rs.685.30. Volumes stood at 3.91 lakh shares in the last session.
Mint
16 hours ago
- Mint
This Ukrainian startup makes drones — and soon, cruise missiles — to strike deep inside Russia
When a Ukrainian-made drone attacked an ammunition depot in Russia last September, it showcased Kyiv's determination to strike deep behind enemy lines and the prowess of its defense industry. The moment was especially gratifying for the woman in charge of manufacturing the drones that flew more than 1,000 kilometers to carry out this mission. For months after, Russia no longer had the means to keep up devastating glide bomb attacks like the one that had just targeted her native city of Kharkiv. 'Fighting in the air is our only real asymmetric advantage on the battlefield at the moment. We don't have as much manpower or money as they have,' said Iryna Terekh, head of production at Fire Point. Terekh spoke as she surveyed dozens of 'deep-strike drones' that had recently come off the assembly line and would soon be used by Ukrainian forces to attack arms depots, oil refineries and other targets vital to the Kremlin's war machine and economy. Spurred by its existential fight against Russia — and limited military assistance from Western allies — Ukraine has fast become a global center for defense innovation. The goal is to match, if not outmuscle, Russia's capabilities — and Fire Point is one of the companies leading the way. The Associated Press was granted an exclusive look inside one of Fire Point's dozens of covert factories. In a sprawling warehouse where rock music blared, executives showed off their signature FP-1 exploding drones that can travel up to 1,600 kilometers . They also touted publicly for the first time a cruise missile they are developing that is capable of traveling 3,000 kilometers , and which Ukrainian President Volodymyr Zelenskyy hopes will be mass-produced by the end of the year. Even as U.S. President Donald Trump presses for an end to the 3 1/2-year war — and dangles the prospect of U.S. support for NATO-like security guarantees — Ukrainian defense officials say their country is determined to become more self-sufficient in deterring Russia. 'We believe our best guarantee is not relying on somebody's will to protect us, but rather our ability to protect ourselves,' said Arsen Zhumadilov, the head of the country's arms procurement agency. Ukraine's government is now purchasing about $10 billion of weapons annually from domestic manufacturers. The industry has the capacity to sell triple that amount, officials say, and they believe sales to European allies could help it reach such potential in a matter of years. Like most defense companies in Ukraine, Fire Point grew out of necessity after Russia's full-scale invasion in 2022. Despite pleas from Ukrainian military officials, Western countries were unwilling to allow Kyiv to use their allies' longer-range weapons to strike targets deep inside Russian territory. That's when a group of close friends, experts from various fields, set out to mass-produce inexpensive drones that could match the potency of Iranian-made Shahed drones that Russia was firing into Ukraine with devastating consequences. The company's founders spoke with on the condition of anonymity out of concern for their safety and the security of their factories. By pooling together knowledge from construction, game design and architecture, the company's founders — who had no background in defense — came up with novel designs for drones that could fly further and strike with greater precision than most products already on the market. Their long-range drones had another benefit: they did not need to take off from an air field. When Terekh — an architect — was hired in the summer of 2023, she was given a goal of producing 30 drones per month. Now the company makes roughly 100 per day, at a cost of $55,000 apiece. The FP-1 looks more like a hastily made science project than something that would roll off the production lines of the world's biggest defense contractors. 'We removed unneeded, flashy glittery stuff,' she said. But the FP-1 has been extremely effective on the battlefield. With a payload of explosives weighing 60 kilograms , it is responsible for 60% of strikes deep inside Russian territory, including hits on oil refineries and weapons depots, according to Terekh. These strikes have helped to slow Russia's advance along the 1,000 kilometer-long front line in eastern Ukraine, where army units have reported a sharp decline in artillery fire. 'I think the best drones, or among the best, are Ukrainian drones," said Claude Chenuil, a former French military official who now works for a trade group that focuses on defense. 'When the war in Ukraine ends, they will flood the market.' Fire Point's story is not entirely unique. Soon after Russia's 2022 invasion, hundreds of defense companies sprouted almost overnight. The Ukrainian government incentivized innovation by relaxing regulations and making it easier for startups to work directly with military brigades. Patriotic entrepreneurs in metallurgy, construction and information technology built facilities for researching and making weapons and munitions, with an emphasis on drones. The ongoing war allowed them to test out ideas almost immediately on the battlefield, and to quickly adapt to Russia's changing tactics. 'Ukraine is in this very unique moment now where it is becoming, de facto, the Silicon Valley of defense,' said Ukrainian defense entrepreneur Yaroslav Azhnyuk. 'The biggest strategic asset that we have is that we have been at war with Russia for 11 years.' A case in point: Fire Point had initially sourced navigational equipment for its drones from a major Western firm, but before long Russia was able to disrupt their effectiveness using electronic warfare; so Fire Point developed its own software to outwit the enemy. Because defense companies are high-value targets for Russia, many operate underground or hidden within civilian centers to evade detection. Although they are guarded by air defenses, the strategy has the disadvantage of putting civilians at risk. Many Ukrainians have died in imprecise Russian attacks that were likely targeting weapons facilities. Entrepreneurs said the alternative is to operate openly and face attacks that would set back the war effort. On the day reporters visited the Fire Point factory, there were dozens of drones awaiting delivery. They would all be gone within 72 hours, shipped to the battlefield in inconspicuous cargo trucks. The Fire Point team receives regular feedback from army units, and the company has reinvested most profits toward innovating quickly to keep pace with other drone makers. Increasingly, those profits are being directed to develop a new, more potent weapon. The company completed testing this year for its first cruise missile, the FP-5. Capable of traveling 3,000 kilometers and landing within 14 meters of its target, the FP-5 is one of the largest such missile in the world, delivering a payload of 1,150 kilograms , independent experts said. Because initial versions of the missile came out pink after a factory error, they called it the Flamingo — and the name has stuck. Fire Point is producing roughly one Flamingo per day, and by October they hope to build capacity to make seven per day, Terekh said. Even as Zelenskyy and other Ukrainian officials pursue ways to end the war, Terekh said she is skeptical that Russia will accept terms for a real peace. 'We are preparing for a bigger, much scarier war.' Associated Press journalist Dmytro Zhyhinas contributed to this report.
