Oil and Natural Gas Corporation, on Saturday, announced a big discovery in the currently producing D1 oilfield off the West Coast.
In a statement issued here, the company said the new find would catapult D1 to become the third largest field in Western offshore after the prolific Mumbai High and Heera. D1, which is now producing 12,500 barrels per day (bpd), had an approved peak output of 36,000 bpd. With the new discovery, the peak output would jump to 60,000 bpd or three million tonnes a year, the statement said.
Earlier, the D1 was known to have initial oil in-place (or in place reserves) of the order of 600 million barrels (82.20 million tonnes of oil). After the discovery of the new pool, its total in-place reserves are expected to be in excess of one billion barrels, it added.
In the next phase of development, ONGC is implementing an integrated development plan for the entire D1 field. This would raise the output to 36,000 bpd by February, 2013. The new pool now discovered will take the output to 60,000 bpd by 2016-17.
Jump in net profit
Meanwhile, the company reported a 48 per cent jump in its June quarter net profit at Rs.6,077.70 crore. It had posted a net profit of Rs.4,094.90 crore in the year-ago period, the company said in a filing to the stock exchanges.
Revenue increased from Rs.17,128.89 crore for the quarter ended June 30, 2011, to Rs.21,216.24 crore in Q1 of the current fiscal.