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ONGC enters into strategic partnership with Inpex Corporation

15 Nov 2012 Evaluate

Oil & Natural Gas Corporation (ONGC) and Inpex Corporation (INPEX), Japan’s largest oil companies have entered into a strategic partnership for exploration of hydrocarbons in one of the acreages in KG basin. Both companies have inked a Farm-out Agreement at ONGC’s corporate head-quarters in New Delhi.

INPEX has acquired a 26% participating interest farmed-out by ONGC in the exploration block KG-DWN-2004/6, located in the deep waters of Krishna Godavari Basin in the Bay of Bengal. ONGC continues as Operator of the Block with a 34% participating interest in consortium with existing partners GAIL (India) (10%), Gujarat State Petroleum Corporation (10%), Hindustan Petroleum Corporation (10%) and Oil India (10%). Respective Boards of ONGC and INPEX Corporation have already approved the proposal.

The block KG-DWN-2004/6, awarded to an ONGC-led consortium under the NELP-VI licensing round, is located some 300 km off the Andhra Pradesh coast and covers an area of more than 10,000 sq kms with a water depth of approximately 3,000 m. Operator ONGC has completed most of the phase-I exploration programme in the block except drilling of one well which is to be taken up.

ONGC Share Price

283.95 1.20 (0.42%)
17-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
ONGC 283.95
Oil India 470.10
Jindal Drilling&Inds 540.15
Deep Industries 476.90
Asian Energy Service 306.05
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