Industry

ONGC to invest $8.8 bn in K-G oil and gas finds

State-owned Oil and Natural Gas Corp. (ONGC) plans to invest over $8.8 billion in bringing to production its much-touted K-G basin oil and gas discoveries by 2018-19.

ONGC has divided 12 oil and gas finds in the block KG-DWN-98/2 or KG-D5 and gas discovery in an adjacent G-4 block the Bay of Bengal into three clusters to quickly bring them to production, a senior company official said.

The 7,294.6 sq km deep sea KG-D5 block has been broadly categorised into Northern Discovery Area and Southern Discovery Area.

ONGC plans to develop the 11 oil and gas finds in the NDA together with one gas find in G-4 block at an investment of $8.843 billion, he said.

The company plans to develop the discoveries in the block in three clusters, 14.5 million standard cubic meters per day of gas for 15 years.

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Printable version | Mar 30, 2020 12:31:55 PM | https://www.thehindu.com/business/Industry/ongc-to-invest-88-bn-in-kg-oil-and-gas-finds/article7467210.ece

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