State-run energy explorer Oil & Natural Gas Corporation (ONGC) on Thursday announced it discovered three new oil and gas assets in Krishna Godavari basin and Tripura.

ONGC announced that it discovered oil in a KG basin block in the state of Andhra Pradesh. The company's exploratory well Vanaduru South-1 in KG Onland Basin's West Godavari block, 8 kilometers north-west of Bantumillli town of West Godavari district in Andhra Pradesh.

The company's exploratory well Saveri-1 in NELP block KG-OSN-2004 discovered gas in the shallow waters of KG basin.

The third discovery was made in Tripura, where exploratory well AD-37 discovered gas, 12 km south-west of Agartala.

Speaking about the gas discovery in Tripura, the company said in a statement, "This discovery results in consolidation of play met in earlier discovery in AD-30 well and opens western flank of Agartala Dome up to Konaban for further exploration."

The company termed the discoveries as "substantial," but refused to disclose any stats regarding their provisional reserve base. The company only said that the numbers would be disclosed after 18th of April.

ONGC also announced its plans to invest more than Rs 4,05o crore to revamp its infrastructure at its main oil & gas fields off the Mumbai coast.