Great News For India Oil & Gas Discovered In Arabian Sea By ONGC

About The News

• State-owned Oil and Natural Gas Corporation (ONGC) has discovered crude oil and natural gas in two blocks in Mumbai offshore, the company said on Thursday without giving details of reserves found.

• The discoveries, which have been named ‘Amrit’ and ‘Moonga’, were made in the blocks that the company won in recent open acreage licensing rounds.

• Both the blocks are in Mumbai Offshore

• ONGC said a detailed assessment of the discoveries was in progress.

Open Acreage Licensing Policy

• It provides a single, uniform Licence for exploration and production of conventional as well as unconventional hydrocarbon resources.

• The Freedom to carve out acreages of choice under OALP bid rounds has been given to contractors.

• The revenue-sharing model is used for offering fields.

• Producers have complete marketing and pricing freedom for crude oil and natural gas produced.

Advantages:

• It has reduced multiple licences and procedures for extracting different hydrocarbons even from the same well.

• Brought in a quantum jump in the Exploration & Production

• Increase in exploration acreages in India.