State-owned Oil and Natural Gas Corp (ONGC) is planning to invest over $8.8 billion in bringing to production its much-touted KG-basin oil and gas discoveries by 2018-19. The company 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. The 7,294.6 sq km deep-sea KG-D5 block has been broadly categorized into Northern Discovery Area (NDA - 3,800.6 sq km) and Southern Discovery Area (SDA - 3,494 sq km). The company 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.
The investment will be for drilling 45 development wells, an array of sub-sea pipelines carrying gas to a fixed platform for processing and a pipeline to carry gas from it to an onshore terminal. Oil will be transported to a floating production system (FPSO) that will transfer it to ships for taking to refineries.
ONGC is an Indian multinational oil and gas company headquartered in Dehradun, India. It is India’s largest oil and gas exploration and production company. It produces around 69% of India's crude oil (equivalent to around 30% of the country's total demand) and around 62% of its natural gas.
| Company Name | CMP |
|---|---|
| ONGC | 244.45 |
| Oil India | 415.75 |
| Jindal Drilling&Inds | 575.10 |
| Deep Industries | 481.70 |
| Asian Energy Service | 373.85 |
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