The Oil and Natural Gas Corporation (ONGC) has unveiled a new oil and gas discovery in the prolific Mumbai basin off the country’s west coast. ONGC discovered oil and gas in the VGN-1 exploration well on its Ratna and R-series acreages in the Mumbai offshore basin. The VGN-1 exploratory well flowed oil at the rate of 136 barrels per day (bpd) and gas at 10.12 thousand cubic metres per day from the first object of discovery. Crude oil flowed at the rate of 1,205 bpd and natural gas flowed at 24.07 thousand cubic metres per day from the second, and at 558 bpd and 4.071 thousand cubic metres per day, respectively, from the third. The yield from these three objects indicates that VGN-1 can be successfully monetised. Prior to this, the company had already notified three hydrocarbon discoveries – including the South Velpuru-2 and Gopavaram Deep-1 onshore finds – during 2021-22.