State-owned ONGC has struck gas at a deepwater well in the Mahanadi Offshore Basin, about 43 km off Odisha’s Konark coast, as part of its Samudra Manthan exploration campaign, the company said on Monday.
The discovery was made at well MN-DW18-1-H-D, the first well drilled by ONGC under the campaign in the Mahanadi Basin. The well was drilled to a target depth of 1,623 metres, with gas encountered in the 1,441-1,452 metre interval, according to the company. ONGC said the well has been flowing gas with encouraging flow rates and reservoir pressure for the past three days of testing.
The well’s relatively close proximity to the Odisha coast could offer potential for early monetisation, subject to further appraisal, reservoir assessment and commercial evaluation. The well was spudded on July 25, 2026, by Petroleum and Natural Gas Minister Hardeep Singh Puri.
Prior offshore surveys in the Mahanadi basin were historically deemed commercially unviable or restricted, but recent policy shifts and the Samudra Manthan initiative have unlocked deepwater prospects in the region. The successful gas strike validates ONGC’s pivot toward high-risk, high-return deepwater exploration, and supports the company’s long-term plan to spend Rs 1 lakh crore on deepwater assets by FY31.
On a standalone basis, ONGC reported a net profit of Rs 17,034 crore for Q1 FY27, up 112% year-on-year, while standalone revenue rose 45.2% to Rs 46,460 crore.
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