"ONGC has made a significant hydrocarbon find in shallow waters of Krishna Godavari Basin," a company official said.

The find has been made in well number GS-159, being drilled on the GS-15 prospect, southwest of the Ravva field, also discovered by ONGC in 1987.

The well, which is around 12-km from the Amalapuram coast, was spudded on May 28 at a water-depth of 17.8 metres with a target depth of 2500 metres.

At the present depth of 2000 metres, it has indicated a significant hydrocarbon column (pay zone) of around 45 metres in the interval of 1684 metres to 1760 metres.

"While most of this is gas, the lower interval could comprise of an oil leg," the official said adding the reserves in the find would only be known after testing which will take a few weeks.