The Oil and Natural Gas Corporation (ONGC) of India has announced to have made another hydrocarbon discovery in Krishna-Godavari block on November 24, 2008. According to company source, the drilling team has found three hydrocarbon bearing sands between 3,757 metres to 4,185 metres at the offshore of the block. The thickest sand interval comprises 55 metres of net oil pay. The company has executed several hydrocarbon discoveries in the Krishna-Godavari basin. In 2006, the ONGC had made ultra-deep discovery at 2,841 metres at the same pace.  Informing about the future plans, an ONGC official said that a fast-track hub development programme will be undertaken by the company for executing all the operations together.

 

The public sector petroleum company of India, ONGC is ranked as one of the  highest profit making public sector corporations of the country. The company contributes 77% of India's crude oil production and 81% of India's natural gas production. ONGC is engaged in hydrocarbon exploration in 26 sedimentary basins of India. The company meets 30% of India's crude oil requirement. The company has recently announced to achieve the target of producing 20,000 barrels of oil per day by 2012-13. Since its inception as Oil and Natural Gas Commission, the company has contributed immensely for the development of the country.