Japans Inpex buys 26% stake in ONGC KG basin block

Written by fe Bureau | New Delhi | Updated: Nov 6 2012, 06:50am hrs
Japanese oil and gas major Inpex acquired 26% stake in one of Oil and Natural Gas Corporations (ONGCs) acreages in Krishna Godavari basin, the company said in a statement on Monday.

ONGC continues to be the operator of the block KG-DWN-2004/6, located in the deep waters with a 34% participating interest in consortium with existing partners GAIL (India) (10%), Gujarat State Petroleum (10%), Hindustan Petroleum (10%) and Oil India (10%).

The block KG-DWN-2004/6, was awarded to ONGC-led consortium under the sixth round of New Exploration Licensing Policy (NELP) in 2007. ONGC has completed most of the phase-I exploration programme in the block except drilling of one well which is to be taken up, the company said in a statement.

The alliance with Inpex is yet another successful effort in its attempt to collaborate and expand its strategic interests, the company said.