Mumbai: A consortium of Gujarat State Petroleum Corporation Ltd. (GSPC), Hindustan Petroleum Corp Ltd. (HPCL), Geoglobal Resources and Jubiliant Oil has struck oil in a block in Cambay basin, off the Gujarat coast, a source from HPCL said.

Oil was found in well Miroli-1 in Block CB-ONN-2002/3. GSPC has 55 per cent stake, while Hindustan Petroleum and Jubiliant Oil are other partners.

Officials said 180 barrels of oil per day flowed from the well during initial tests, but reserves are yet to be ascertained.

Separately, in a filing with the Bombay Stock Exchange (BSE) HPCL said the flow rate can further be improved by various workovers using latest engineering techniques. The discovery appears to be part of a large structure which may have significant reserves.

The directorate general of hydrocarbons has acknowledged the discovery. This is the first discovery by HPCL in their first exploration venture probed by exploratory drilling and marks first success in HPCL''s efforts towards vertical integration, the company said.

Meanwhile, HPCL has joined Oil and Natural Gas Corp to bid for some of the West African assets of US -based Devon Energy Corp, reports quoting industry sources said.

Sources said HPCL is looking at assets in Gabon, while ONGC is considering a move for those in Nigeria and Equatorial Guinea.

Any bid by ONGC will be made through its overseas investment arm - ONGC Videsh Ltd - while HPCL would bid through its exploration arm, Prize Petroleum.

The last date for submitting a bid is July 18. Devon owns interests in 16 blocks in various stages of production, exploration and appraisal in West Africa, most significantly an interest in the Exxon Mobil Corp operated Zafiro field in Equatorial Guinea .