ONGC Gas Discovery: Oil and Natural Gas Corporation Ltd. (ONGC) has struck gas in the deep waters of the Mahanadi Basin, marking a significant development in the state-run explorer's ongoing deepwater exploration campaign.
The discovery was made at MDW-28, the maiden well of ONGC's current deepwater campaign in the Mahanadi Basin. According to ONGC, the well is flowing gas at encouraging rates while maintaining sustained reservoir pressure, indicating a potentially promising reservoir.
The campaign was launched on July 25, 2026, with the spudding of MDW-28 (MN-DW18-1-H-D) in the deep offshore Mahanadi Basin. The campaign was launched by Petroleum and Natural Gas Minister Hardeep Singh Puri under the government's Samudra Manthan initiative, which seeks to accelerate exploration and development of India's offshore hydrocarbon resources.
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#ONGC strikes gas in the deep waters of Mahanadi Basin.
— Oil and Natural Gas Corporation Limited (ONGC) (@ONGC_) September 21, 2026
MDW-28, the maiden well of ONGC's current deepwater campaign in the Mahanadi Basin is flowing gas with encouraging rates and sustained reservoir pressure.
The campaign was launched on 25 July 2026 by Hon'ble Minister of… pic.twitter.com/whAV8TubIK
The well was perforated on September 18 after evaluation of subsurface data. ONGC said the well is currently flowing with a good gas rate and healthy reservoir pressure.
During the operations, ONGC Chairman Arun Kumar Singh, Director (Technology & Field Services) Vikram Singh, and Director (Exploration) O.P. Sinha visited the drillship and interacted with the crew.
ONGC said the latest find, along with other discoveries in the area, could potentially be developed through shared facilities enabled by the PNG Rules, 2025, helping bring deepwater resources into production.
The company said it will continue expanding exploration into deep and ultra-deepwater frontiers as it searches for additional hydrocarbon resources and contributes towards India's energy-security goals.
The Mahanadi Basin discovery comes as ONGC steps up its focus on India's offshore exploration potential, with deepwater resources forming an important part of the country's efforts to strengthen domestic hydrocarbon production.
Q1 Show Highlights
ONGC's consolidated net profit surged to Rs 17,034 crore in the first quarter of FY27 (Q1FY27), compared with Rs 6,650 crore in the preceding March quarter (Q4FY26). Revenue from operations rose 29.3% quarter-on-quarter (QoQ) to Rs 46,460 crore from Rs 35,928 crore.
The Ebitda more than doubled to Rs 28,355 crore in Q1FY27, from Rs 12,666 crore in Q4FY26. Consequently, the Ebitda margin expanded sharply to 61% from 35.3%.
Other income, however, declined to Rs 1,861 crore in the June quarter from Rs 2,628 crore in the preceding three months.
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