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ONGC to develop hydrocarbon block in KG basin

20th November 2013

ONGC plans to independently develop its hydrocarbon block in the KG basin amid lack of interest from IOCs

Hydrocarbon block development
ONGC plans to independently develop its hydrocarbon block in KG basin

India’s state owned Oil and Natural Gas Corporation (ONGC) plans to independently develop its hydrocarbon block in the Krishna-Godavari (KG) basin to increase oil and gas output, The Financial Express reported.

 

The KG-DWN-98/2 block, with about 4.85 trillion cubic feet (tcf) of gas reserves and 100 million tons of oil reserves, is expected to be on stream between 2017 and 2018. ONGC will invite consultants such as Worley Parsons, Aker Solutions and Technip to bid for preparing the block’s field development plan (FDP), sources told The Financial Express.

 

According the publication, “ONGC has little experience in developing offshore deep-water blocks and will therefore issue tenders inviting global consultants to help us prepare the FDP for the block,” an official said.

 

International oil giants such as ConocoPhillips and Shell had earlier shown interest in the development of the KG basin. However, the delays in the project approval process by the Indian government prompted the foreign companies to withdraw interest.

 

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