Business News
ONGC to invest $9 billion in producing oil and gas from Krishna Godavari basin
NEW DELHI: State-owned Oil and Natural Gas Corp (ONGC) will invest over $9 billion in bringing to production an array of oil and gas discoveries in its prolific Krishna Godavari basin block off the east coast by 2017-18.
ONGC has made 11 oil and gas discoveries in the Block KG-DWN-98/2, which sits next to Reliance Industries' KG-D6 Block and Gujarat State Petroleum Corp's Deendayal gas field. The block is divided into a Northern Discovery Area (NDA) and Southern Discovery Area (SDA). ONGC plans to invest $9 billion in producing from discoveries in NDA.
"We are looking at producing 2.5-3 million tons of oil (per annum) and 9-10 million standard cubic meters per day of gas from the Northern Development Area of Block KG-DWN-98/2," ONGC director (Exploration) NK Verma told PTI here.