In a significant boost to India’s domestic energy output, state-run ONGC has announced two major hydrocarbon discoveries in the Mumbai Offshore basin. Named Suryamani and Vajramani, the finds were made in exploration blocks awarded under the Open Acreage Licensing Policy (OALP) specifically, OALP-VI and OALP-III.

During fourth-quarter testing, Suryamani produced 2,235 barrels of oil and 45,181 cubic metres of gas per day from the Basal Clastics formation, while Vajramani, located in a fault-bound structure, delivered 2,122 barrels of oil and 83,120 cubic metres of gas daily.

Mumbai Offshore already accounts for 35% of India’s crude oil (1.34 lakh barrels per day) and 18% of natural gas output (10 mmscmd). The latest discoveries may help curb the country’s 85% dependence on oil imports, though ONGC has yet to announce development timelines.

Additionally, ONGC reported a fresh onshore discovery in the Krishna-Godavari (KG) basin. While timelines remain undisclosed, these finds could meaningfully bolster India’s push for energy self-reliance.

Meanwhile, the company posted a net profit of ₹8,856 crore for Q4 FY25 and declared a final dividend, despite a year-on-year dip in earnings. ONGC’s stock remains in focus amid volatile oil prices and production challenges.

With inputs from PTI.