Mining company Vedanta limited on Wednesday informed the exchange that it has made an oil discovery in the Krishna-Godavari basin.
The mining company has informed the concerned authorities, Directorate General of Hydrocarbons and Ministry of Petroleum and Natural Gas about an oil discovery in the second explanatory well H2, located in block KG-OSN-2009/3, Krishna-Godavari Basin on the east cost of India.
Vedanta has a 100% participating interest in the aforementioned block.
“Multiple reservoir zones were encountered in the well H2 within the Mesozoic sequence between the depths of 3310m to 4026m with hydrocarbon indications during drilling and down hole logging. The zone from 3403m to 3431m was tested through conventional well testing (drill stem test) and flowed oil to surface,” Vedanta Ltd said in a statement.
The company also added that the results of the first exploration well A3-2 which was a gas discovery are still under evaluation.
The KG-OSN-2009/3 located in Bay of Bengal is spread over 1,988 Sq Km on the east cost of Andhra Pradesh.
Cairn Energy, which is a subsidiary of Vedanta Group bagged the KG-OSN-2009/3 back in 2010 n the eighth round of New Exploration Licensing Policy (NELP).