ONGC finds 4 oil, gas sites

Oil and Natural Gas Corporation (ONGC) announced discoveries of four sites of crude oil and natural gas in one month after its board meeting on Monday. It said it has notified the director-general of hydrocarbons about the discoveries. Three of the discoveries are onland and the fourth in offshore. The board also cleared three major investments for growth-oriented projects. The onland discoveries have been made in well Kosamba-41 and well Chaklasi-8, both in western onshore and in well Mekrang-7 in Assam. The offshore discovery has been made in well B-12-11 in PEL Block BOFF 1,2,3 on the Arabian Sea. The three projects are the revised configuration of Dahej Petrochemicals Project, the augmentation of the gas-processing capacity of its Hazira complex and the additional participation in the GulfA joint venture. ONGC will take up addi tional participating interest (PI) of 30 per cent in the development phase of Gulf-A in the joint venture block of CB-OS-1, at the northern-most end of the Gulf of Cambay. ONGC's share of 55.26 per cent of the capex would be $57.209 million. The other partners in this joint venture are Tata Petrodyne and HOEC.