gas find at 20 trillion cubic feet will use ongc’s expertise

ONGC, GSPC to jointly develop KG gas block

Posted: Wednesday, Sep 07, 2005 at 0000 hrs IST
Updated: Wednesday, Sep 07, 2005 at 0000 hrs IST

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EGoM gives extra K-G gas to power sector OIL IPO opens on Sep 7 PM invites investments in India’s oil & gas sector IPI deal to open new vistas for Indian cos

: The Oil and Natural Gas Corporation (ONGC) and the Gujarat government-owned Gujarat State Petroleum Corporation (GSPC) will jointly develop GSPC’s 20 trillion cubic feet (TCF) natural gas block in the Krishna Godavari (KG) basin, subject to government approval.

GSPC had received expression of interest from several oil and gas majors for the same. However, the company, which had earlier said that it would prefer to develop the KG gas block on its own, may now partner with ONGC, which has decades of experience in exploration and production (E&P).

According to GSPC, natural gas production from the block is expected to start by December 2007 with an initial output of 10 million metric standard cubic metres a day (MMSCMD). The production is later expected to touch 80 MMSCMD.

“We and GSPC will work together to develop the KG block. We have over 50 years of experience, and along with GSPC, we would pursue E&P in the oil and gas sector,” Subir Raha, chairman and managing director, ONGC said in Gandhinagar on Tuesday.

BLOCK DEAL

• GSPC received expression
of interest from all oil majors for KG basin
• ONGC has 50 years of experience in E&P, has technical prowess
• Production to commence by December 2007
...

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