Government-owned Oil & Natural Gas Corp. (ONGC) on Monday said that it set a new world-record by drilling a well in record water-depths by an offshore drilling rig.

ONGC drilled the well using Transocean's ultra-deep-water drill-ship it had hired from Reliance Industries Limited (RIL).

The company said in a statement, "ONGC's chartered-hired ultra deep drillship DDKG1 has set a world-record for drilling a well at the deepest water-depth by an offshore drilling rig."

The company explained that the rig DDKG1 drilled well called NA7-1 situated in exploratory block KG-DWN-2004/1, which is located off the east coast of India at a depth of 10,385 feet (around 3,165m) on 23rd of January.

After that the company successfully managed to lower and latched sub-sea facilities on 9th of February to drill the well further targeting a depth 5,625m.

The rig surpassed Transocean's own record of reaching a depth of 10,194 feet, which was set in the year 2011 by DDKG2 working for RIL on the east coast.

However, the ONGC remained tight-lipped on what it found there as drilling is still going on. As far as the investment is concerned, sources said that drilling deep water well costs between Rs 300 crore and Rs 400 crore.