Well M-4, drilled 25 km off the nearest coastline, "encountered six hydrocarbon bearing zones with net pay of 78 meters have been established," the company said in a statement.

During testing, the well flowed oil at a rate of about 3,160 barrels per day and gas at a rate of about 3.19 lakh cubic meters a day.

"The discovery has enhanced the value of the block KG-DWN-98/2 and has opened up further area for exploration and appraisal," it added.

ONGC had previously made 11 oil and gas discoveries in KG-D5 block which it is targeting to start producing from in 2018-19.

The discovery in KG-D5 block is besides the four new finds it has notified in the fourth quarter of 2014-15 ended March 31. The firm said in all it made 22 discoveries in 2014-15 and another two, including the one in KG-D5, in current fiscal.

Giving details of the discoveries made in the last quarter of 2014-15, ONGC urged it struck oil in Gujarat onland block CB-ONN-2004/2 near the town of Nadiad and an oil and gas discovery near Amlapuram in East Godavari district of Andhra Pradesh.

Besides, two gas find was made in Golaghat district of Assam.

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