Commodity Online
NEW DELHI : Unconfirmed reports said, India's biggest oil explorer, Oil and Natural Gas Corporation Ltd (ONGC) has struck oil and gas in three new blocks.

The first gas find at Krishna Godavari or KG basin, off the Andhra coast, could prove as rich as the Reliance Industries' D-6 block, which, at its peak, is expected to double India's current natural gas output.

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The other two discoveries included an oil find in Charada-3 offshore block in Cambay basin and oil and gas find in Matar in Vadodara district, both in Gujarat.

The KG basin find could have an estimated reserve of 10 trillion cubic feet of gas, according to reports.

The Charada-3 oil find has a large accumulation spread around 8 km area, while the success in Matar was notable, as the block was earlier awarded to a combine of Niko Resources and GSPC Resources and they could not succeed in finding hydrocarbons, the reports added.

The reports further said ONGC has notified the finds to the Directorate General of Hydrocarbon (DGH). Once ONGC obtains approval, it will take around three to four years to commence production from these fields.