ONGC strikes 'significant' oil, gas in Krishna Godavari basin.

State-owned Oil and Natural Gas Corp (ONGC) recently said it has made another significant oil and gas discovery in its Krishna Godavari basin deepwater block KG-D5, which sits next to Reliance Industries' flaging KG-D6 area.

Well M-4, drilled 25 km off the nearest coastline, 'encountered six hydrocarbon bearing zones with net pay of 78 meters have been established,' the company said in a statement.

During testing, the well flowed oil at a rate of about 3,160 barrels per day and gas at a rate of about 3.19 lakh cubic meters a day.

'The discovery has enhanced the value of the block KG-DWN-98/2 and has opened up further area for exploration and appraisal,' it said.

ONGC had previously made 11 oil and gas discoveries in KG-D5 block which it is targeting to start producing from in 2018-19.

ET