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ONGC to accelerate work in KG basin

17 Feb 2012 Evaluate

State-owned Oil and Natural Gas Corporation (ONGC) is mulling to accelerate work on major oil and gas project in the Krishna Godavari (KG) basin by taking up works simultaneously with regard to exploration and development, so the company for this is seeking approvals from the Government.

The corporation commenced production from its GS 15 off shore project in a small way in August last year producing about 2,000 barrels per day oil and 0.18 cubic metres of gas. However, this project, which covers a large area -some in deeper blocks and some in relatively shallow areas, would require huge investment.

Although the company is keen to develop deep water blocks, the company, as of now, has not committed or fixed any numbers to the investment plans. Typically, because development of deep water blocks is estimated to take around 9-10 years. In case of Reliance, the company managed to do it in about 6-7 years.

 In a separate development, the company expects appraisal for another site to be completed by the first quarter of next financial year. The ONGC is currently waiting for clearance from the Defence Ministry in respect of some blocks and it is expecting a conditional clearance by the middle of next month.

ONGC Share Price

279.25 -4.70 (-1.66%)
08-May-2026 16:59 View Price Chart
Peers
Company Name CMP
ONGC 279.25
Oil India 454.40
Jindal Drilling&Inds 535.85
Deep Industries 457.70
Asian Energy Service 297.85
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