British energy major BG Group and its Indian partner Oil and Natural Gas Corp (ONGC) yesterday announced plans to invest about $1bn in a gas block off India’s eastern coast.
“Our investment over the next five years could be about $1bn,” BG India managing director William Adamson, who is in the Indian capital New Delhi, told the PTI news agency. Earlier yesterday, BG and ONGC signed a production sharing contract with the Indian government for the block which is located in the Krishna-Godavari (KG) basin in the Bay of Bengal.
The British firm has a 45% interest in the 1,150 sq-km shallow water block. ONGC holds a 55% interest and operatorship.
“This award adds to our portfolio of upstream assets and marks the beginning of BG India’s diversification into a new and growing hydrocarbon region on the east coast,” Adamson mentioned in a statement.
“The KG basin is an important gas province and along with ONGC, we look forward to participating in its development,” he added.
Several oil discoveries have been made in the Bay of Bengal in recent years. The BG Group estimates that the gas demand in the South Asian country would more than double over the next two decades to nearly 13,700mn metric standard cubic feet per day .
“Our investment over the next five years could be about $1bn,” BG India managing director William Adamson, who is in the Indian capital New Delhi, told the PTI news agency. Earlier yesterday, BG and ONGC signed a production sharing contract with the Indian government for the block which is located in the Krishna-Godavari (KG) basin in the Bay of Bengal.
The British firm has a 45% interest in the 1,150 sq-km shallow water block. ONGC holds a 55% interest and operatorship.
“This award adds to our portfolio of upstream assets and marks the beginning of BG India’s diversification into a new and growing hydrocarbon region on the east coast,” Adamson mentioned in a statement.
“The KG basin is an important gas province and along with ONGC, we look forward to participating in its development,” he added.
Several oil discoveries have been made in the Bay of Bengal in recent years. The BG Group estimates that the gas demand in the South Asian country would more than double over the next two decades to nearly 13,700mn metric standard cubic feet per day .
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