Oil and Natural Gas Corporation (ONGC) has received the government approval for acquiring the Gujarat State Petroleum Corporation's (GSPC) entire 80 percent holding in a KG basin gas block for Rs 7,738 crore.
In December last year, the company had agreed to buy entire 80 percent interest of GSPC along with operatorship rights, in Deen Dayal West (DDW) gas field in Block KG-OSN-2001/3 in the Bay of Bengal for $995 million (Rs 6,443 crore). ONGC will also pay part consideration of $200 million (Rs 1,295 crore) to GSPC towards acquisition rights for discoveries other than DDW field in the block.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
