India’s Oil and Natural Gas Corporation (ONGC) plans to invest over $10bn to fund gas discoveries off the east coast.
ONGC director of exploration DK Pande said the firm aims to develop finds in the Krishna Godavari Basin through four different projects.
“We are targeting 25-30 million cubic metres per day of natural gas production by 2014-15,” Pande said.
The firm will focus on finds in and around block KG-DWN-98 / 2, which has ten gas discoveries.
ONGC plans to tie-up nine of these discoveries with six gas finds in the neighbouring 1G block from 2014-15 at a cost of $4.5bn.
Another $5bn will be needed to develop the ultra-deepsea UD-1 discovery in the KG-DWN-98 / 2, which will be undertaken in the future.