State-run Oil and Natural Gas Corporation (ONGC) is reportedly planning to seek government support for its $6-billion deep water project in the KG basin. The company is also reworking its field development plan to trim capital spending and boost output to make the project work at the current oil prices.
ONGC is ever more convinced that the project, KG-DWN-98/2 field off the eastern coast, may not be commercially feasible at the current oil prices, which have more than halved in a year to about $45 a barrel.
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.
