State-owned ONGC's significant oil discovery in Bay of Bengal will begin production in 2019, with a peak output of 4.5 million tonnes a year, 20 per cent more than previous estimates.

The oil discovery in Krishna Godavari basin block KG-DWN-98/2 or KG-D5 will be the first large oil production from the east coast. The block also has 10 gas discoveries.

"We are moving fast on KG-D5 development.