Oil and Natural Gas Corporation (ONGC) is set to drill for oil and natural gas from the Kerala-Konkan basin.
ONGC CMD R S Sharma will formally announce the drilling at Kochi on a pilot basis tomorrow. He and senior directors of the company, including DK Pande, will arrive here tomorrow and inspect the KKC4-A well. This, experts say, will be a major leap for oil and gas exploration in the country. Sources said the basin might be an abundant source of oil and natural gas that might change the economy of south Indian states, particularly Kerala.
ONGC started exploration in the region around two years ago. It was in December 2008 that presence of hydrocarbons in the area became clear and the corporation started serious discovery efforts.
In the first stage, ONGC engaged a rig that could drill up to 1,000 metres. But as the basin had rocks below the sea, a more powerful rig was needed. The company engaged a rig from Reliance that could drill up to 6,000 metres. It is now positioned around 120 nautical miles off the Kochi coast. There is widespread belief that the Kochi basin is an abundant source of natural gas and oil. Assam Oil had explored the area in the 1940s and detected gas. But after Independence, the area was discarded.
Presence of carbon and other chemicals in the basin is now confirmed.
