Oil India reports offshore gas discovery in KG Basin
Oil India discovered natural gas in the previously unappraised Matsyapuri formation in the KG Basin. The Godavari-1 well flowed approximately 100,000 SCMD during testing, while OI Charts data showed long build-up and max pain at ₹450 for the 27 Oct expiry.
after close1 source ↓machine-written, see hownot a recommendation
- OIL close
- ₹454.00
- On the day
- +1.11%
- Futures OI, long build-up
- +0.6%
- Put-call ratio
- 0.58
- Max pain
- ₹450.00
Oil India Limited reported a natural gas discovery in the Matsyapuri formation in the shallow offshore Krishna-Godavari Basin on 24 Oct 2026. The find came from the Godavari-1 appraisal well in the KG-DSF/GSKW/2018 block, where the company operates as the sole operator under the Discovered Small Field programme. 🛢️
Hydrocarbons were identified in a selected pay zone at a depth of 2,024–2,027 metres. Production testing began on 16 Oct 2026, and the well flowed natural gas at approximately 100,000 SCMD during testing. The Matsyapuri formation had not previously been appraised, making the result relevant to the company’s exploration and appraisal programme in the KG Basin. The report did not provide recoverable reserves, an approved development plan or a commercial production timeline.
The discovery adds an exploration catalyst for Oil India’s upstream portfolio, but the production test rate alone does not establish the field’s eventual reserves or economic value. Further appraisal, flow testing, reservoir evaluation and regulatory approvals will determine whether the discovery can progress towards development. The result also highlights the continuing role of shallow-water exploration in India’s domestic natural-gas supply chain. ⚡
OI Charts data for 21 Oct 2026 showed the stock at ₹454.00, up 1.1% on the day, with volume of 1,383,257 shares. It had gained 2.0% over five sessions but remained down 5.1% over 20 sessions, against a 52-week range of ₹395.60 to ₹531.00. In derivatives, futures open interest rose 0.6% with a long build-up, while the futures contract traded at a 0.34% discount to the underlying. The put-call ratio was 0.58, with max pain at ₹450.00 for the 27 Oct 2026 expiry.
The ₹450 strike had the largest call open interest and ₹480 had the largest put open interest. These levels, alongside the short six-day expiry window, are the immediate market reference points. Traders will next watch the company’s detailed disclosure on test results, reserve assessment, appraisal drilling and any development approval.
Source: Machine Maker, 24 Oct 2026
Not investment advice. For informational purposes only.