OIL INDIA FINDS NATURAL GAS IN KRISHNA-GODAVARI BASIN

State explorer

has found natural gas in a previously unexplored formation in the shallow Krishna-Godavari Basin. The company has made the discovery at the Godavari-1 appraisal well in the Matsyapuri formation in the Krishna-Godavari Basin off India’s east coast, recording a peak test flow of 200,000 standard cubic meters per day (SCMD). It is now preparing to test the next zone in the basin for potential further drilling. In view of the geopolitical instability and energy disruptions to global supply chains, specially in the Strait of Hormuz, India needs to boost domestic oil and gas exploration to enhance its energy security. This new discovery can boost the company's revenue and profitability in the long term.