On 18 September, Oil and Natural Gas Corporation (ONGC) announced the discovery of gas at the MN‑DW18‑1‑H‑D well in the Mahanadi Offshore Basin, located approximately 43 kilometres off Konark. The well, the first drilled by ONGC under its Samudra Manthan deepwater exploration campaign, encountered gas at a depth of 1,441‑1,452 metres after drilling to a target depth of 1,623 metres. The well has been flowing gas for the past three days, with encouraging flow and reservoir pressure reported by the company.

The discovery is expected to bring ONGC into focus on Tuesday, 22 September, as the state‑run explorer evaluates the commercial viability of the find. Appraisal drilling and testing will determine whether the gas volume is large enough and technically and economically viable for commercial development. The well’s proximity to the Odisha coast could support early monetisation if the discovery proves commercially viable, and the find could be developed using shared facilities, according to ONGC.

Several other stocks are likely to be in the spotlight following the gas discovery. Jindal Drilling & Industries could benefit from increased demand for offshore drilling rigs, as it has several rigs deployed with ONGC and recently secured a three‑year contract for its Jindal Pioneer rig at an effective day rate of ₹45.8 lakh. ONGC has also floated a tender for deepwater drilling rigs under the Samudra Manthan mission, potentially opening further opportunities for drilling contractors.

Deep Industries may see higher exploration and development activity, as it provides drilling, gas compression and integrated oilfield services. The company is expanding its offshore services business through subsidiary Dolphin Offshore and has said it is evaluating upcoming offshore tenders. Its management has identified Samudra Manthan as an opportunity to deploy its offshore support capabilities in Indian waters.

Dolphin Offshore Enterprises, a provider of offshore engineering and marine services, could attract increased investor interest. The company offers capabilities across offshore support, subsea and related services, which could see higher demand as exploration projects move towards drilling, development and production. Its parent, Deep Industries, is also pursuing a contract‑backed expansion of the offshore fleet.

Other companies such as SEAMEC, Antelopus Selan Energy and Hindustan Oil Exploration Company (HOEC) may also be in focus. SEAMEC provides diving support, inspection, maintenance and other offshore services, which could benefit as discoveries move from exploration to development. Antelopus Selan Energy holds a 100% participating interest in the D‑11 offshore block, which has six gas discoveries and is currently at the development stage. HOEC recently secured a new contract area in the Mumbai Offshore Basin under the Discovered Small Field programme, and the broader push to accelerate offshore exploration could create opportunities for domestic E&P companies.