Oil and Natural Gas Corp has found traces of a new oil reserve in Gujarat that could raise its onshore oil production by 20%, the Business Standard reported on Monday, citing anonymous company sources.
The new hydrocarbon structure is likely to produce at least 1 million tonnes per annum (mmtpa) of oil, the paper said.
This is just under half the oil production of 2.2 mmtpa from the company's existing field located in the same area, it said.
"This could be the largest onshore oil find for ONGC in the last one decade. The area has the potential of producing 1 mmtpa oil and can possibly even go up to 2 mmtpa,'' the report quoted an unidentified ONGC official as saying.
ONGC officials were not immediately available for comment.
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