State-owned Oil and Natural Gas Corporation, ONGC made 23 oil and gas discoveries in the fiscal year ended March 31 as a record number of wells drilled helped it uncover new reserves.

A top company official said, financial year 2016-17 has been one of the most successful years of the last decade in exploring oil and gas with more thrust in increased exploration activities during the year. The discoveries assume significance as global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years.

The official said, ONGC stepped up its exploratory efforts which yielded 23 new discoveries, a 35 per cent jump over 17 finds made in 2015-16 fiscal. As many as 13 new discoveries were made in onland and 10 in offshore wells. May-01-15-2017