ONGC to purchase GSPC’s KG basin block
NEW DELHI, December 26, 2016 – ONGC is to purchase an 80% share of Gujarat State Petrochemicals Corporation’s Deen Dayal West field, the state-run firm announced on Friday.
The nearly USD 1-billion deal will also see ONGC become the operator of the KG-OS-2001/3 block on the Krishna Godavari Basin. The firm extended an additional USD 200 million towards the further acquisition of six more discoveries in the block, which has estimated reserves of 31.5 bcm (1.1 tcf).
ONGC declared that this was part of its move to fast track development of the Cluster-1 discoveries of the KG-DWN-98/2 and adjacent blocks.