ONGC FINDS NATURAL GAS IN DEEP WATERS OF MAHANANDI BASIN

In a big push to India’s energy security, state-owned company

has found natural gas at a deepwater well in the Mahanadi Offshore Basin, nearly 43 km off the coast of Odisha state. This was the first well drilled in the Mahanadi Basin under Samudra Manthan, the national offshore exploration mission. It's relative proximity to the coast offers potential for early monetisation, subject to further appraisal and commercial evaluation. India imports nearly 90% of its crude oil requirement and about half of its natural gas demand, making higher domestic production a key part of its long-term energy security strategy and efforts to reduce exposure to global supply disruptions and price volatility.