ONGC to announce new KG-basin strikes

State-run Oil and Natural gas Corporation (ONGC) today said it is likely to announce a major gas find in the Krishna-Godavari basin very soon.

"Our drilling and exploratory efforts in the east coast has been highly prospective, and we hope to make an exciting announcement on oil and gas find in the next 15 days," R S Sharma, chairman and managing director of ONGC, said.

Sharma said the initial results have been "very encouraging".

Petroleum Secretary M S Srinivasan, too, said ONGC may come out with new finds very soon. "It is unfair to criticise ONGC for the rate of gas discoveries. They may shortly come out with results," he added.

The announcement will be made after upstream regulator DGH makes an assessment, Sharma said.