India’s state-owned Oil & Natural Gas Corporation (ONGC) has unveiled a new oil and gas discovery in the prolific Mumbai basin off the country’s west coast.

ONGC, while announcing its third-quarter financial results, said it made an oil and gas discovery with exploration well VGN-1 on its Ratna & R-Series acreage in the Mumbai offshore basin.

“Exploratory well VGN-1 flowed oil at 136 barrels a day and gas at 10.124 thousand cubic metres per day from one object,” and further “flowed oil a 1205 bpd and gas at 24.075 thousand cubic metres per day from the second object”, the company said.

The operator added the exploration well flowed oil at 558 bpd and gas at 4.071 thousand cubic per day from an additional third object.

“This success has been declared as [a] new prospect discovery,” ONGC noted.

The company has already notified three hydrocarbon discoveries — including the South Velpuru-2 and Gopavaram Deep-1 onshore finds — during the current financial year.

These two discoveries have already been monetised, ONGC claimed.

Profit rebound

The oil giant posted a net profit of around $1.15 billion in the third quarter of the company's current corporate financial year — running April 2021 to March 2022 — up six-fold from the corresponding period a year earlier.

The company said its net profit for the first nine months of the financial year stood at almost $4.16 billion, up almost 600% compared with the corresponding period one year prior.