ONGC plans to invest over $10 billion to develop its new gas field in the KG basin for production. ONGC aims to develop the KG basin through four different projects. “We are targeting 25-30 million standard cubic meters per day of natural gas production by 2014-15,” DK Pandey, ONGC’s director for exploration, said.
The G-1 and G-15 fields will produce 2 mmscmd of natural gas from 2011 while the S-1 and Vasistha deep-water projects will produce 5 mmscmd. However, the major push will come from development of finds in and around block KG-DWN-98/2.
ONGC is in talks with BP, Exxon Mobil, BG Group and Eni for a strategic tie-up for developing the KG basin discoveries. Besides, ONGC plans to produce 10,000-20,000 barrels of oil per day from G-4-6, GS-29-1 and G-4-5 by 2012-13, he said.
BG to invest $500 m: BG Group plans to invest $500 million over the next five years in its oil and gas business in India. “We are looking at upstream and downstream opportunities for expansion in India,” Walter Simpson, BG’s India head, said. BG has a 30% stake in the Panna/Mukta and Tapti oil and gas fields. It also has 25-24% stake in three exploration blocks with ONGC, a 65.12% controlling stake in Gujarat Gas Co and a 49.75% stake in Mahangar Gas.
ICICI, HDFC Bank to sell 50% in Prize Petro: ICICI Bank and HDFC Bank plan to sell their 50% stake in HPCL?s oil exploration firm, Prize Petroleum, to a strategic investor, said Prize Petroleum MD MR Pasrija on the sidelines of Petrotech-2010.