The ministry of petroleum and natural gas has said that the production would start in the latter part of the Tenth Plan period.
According to the ministry, the gasfield in the western offshore, about 6 km east of Bassein (Vasai) gasfield, is estimated to hold reserves of over 65 million tonnes of oil and equivalent amount of gas.
Following the find, ONGC drilled three delineation wells till June this year, of which two wells were found to be hydrocarbon bearing. One more well is under drilling, according to the ministry.
The oil major encountered several hydrocarbon units in the third exploration well drilled in the Bassein east region. Oil flowed at a rate of 1,500 barrels per day, according to the ministry.
ONGC undertook the drilling using the delineation process on a fast track and are evaluating the extent of recoverable reserves. The company is in the process of charting out a development programme for the region.
To further enhance oil and gas recovery, ONGC would further delineate the structure and 3D seismic survey is planned to be carried out during 2002-03.
ONGC has identified 19 schemes in 15 fields under the enhanced oil recovery (EOR) projects.
Of these, 11 projects have already been approved by the company at a cost of Rs 4,795 crore.
The fields would yield an incremental oil production of about 61.53 million tonne of oil and gas in the next 20 years.