State-owned Oil and Natural Gas Corp (ONGC) has discovered about 4 trillion cubic feet (Tcf) of gas reserves off the Daman coast, which can produce 7 million cubic meters a day of gas in four years time.
"ONGC has over past few years made several discoveries some 50-km off the Daman coast. These cluster together hold about 132 billion cubic meters (4 Tcf) of in-place reserves," a source close to the company said.
The Daman cluster fields constitutes the B-12 North & B-12 South, C-26 and SD. The exploratory efforts and drilling in the area is continuing.
The company is currently working on a plan to develop the reservior found in the Arabian sea, he said adding ONGC may invest $4 billion in developing the reserves.
ONGC currently produces about 51 mmcmd of gas and the new reservior found in a block that the company had got on nomination basis, would help add over 13% to its output.
Its biggest gas field, Bassein off the west coast, currently produces 31 mmcmd.
"The field found off Daman can typically produce for 15 years," the source said adding ONGC plans to construct a gas receipt facility some 100-km south of Mumbai for processing the gas before it can be sold to consumers like power plants.
Separately, ONGC in a statement yesterday said it has made four oil and gas discoveries in the country.
Gas was found in a well drilled about 7 km from Karimganj town in Assam while oil flowed in an exploratory well near Mandhali village of Mehsana district in Gujarat.
Also, oil and gas was would in a well in Nambar block, about 6-km from Noajan town in Golaghat district of Assam as well as in Viral block near Kadi town of Mehsana district of Gujarat.
"With these four discoveries, ONGC notifies 15 discoveries in three quarters of the Fiscal 2012," the statement said.