Oil and Natural Gas Corporation (ONGC) has made 23 oil and gas discoveries in the fiscal year ended March 31, 2017, a 35 per cent jump over 17 finds made in 2015-16 fiscal, as a record number of wells drilled helped it uncover new reserves.
Of the 23 new discoveries, 12 are new prospects — a potential trap which may contain hydrocarbons, while 11 are new pools — a geological term for subsurface hydrocarbon accumulation. As many as 13 new discoveries were made in onland and 10 in offshore wells.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.