ONGC to Invest $1.7bn in Krishna-Godavari Gas Field Development

22 June 2011 (Last Updated June 22nd, 2011 18:30)

India's Oil and Natural Gas Corporation (ONGC) is to invest $7.7bn in developing a gas field in the Krishna-Godavari basin. The company plans to produce up to 30 million standard cubic metres per day of gas by 2016-17. ONGC has sought approval from the directorate general of

India’s Oil and Natural Gas Corporation (ONGC) is to invest $7.7bn in developing a gas field in the Krishna-Godavari basin.

The company plans to produce up to 30 million standard cubic metres per day of gas by 2016-17.

ONGC has sought approval from the directorate general of hydrocarbons and the petroleum ministry to drill another eight wells in the KGDWN-98 / 2 block to maximise the output from the deepsea field in the Bay of Bengal.

The company had submitted a proposal for a declaration of commerciality that the block is estimated to have gas reserves of 3.4 trillion cubic feet, of which 1.9tcf are recoverable reserves, according to upstreamonline.com.