Oil and Natural Gas Corp (ONGC) wants to drill eight wells in its gas discovery block in the prolific Krishna-Godavari Basin off the Andhra coast to appraise finds it has made in the area.The firm has made 10 discoveries in the KG Basin's KG-DWN-98/2 block, which sits next to Reliance Industries showpiece producing KG-D6 gas fields. ONGC has submitted a proposal to the Ministry of Petroleum and Natural Gas (and) Directorate General of Hydrocarbons requesting permission for drilling eight additional exploratory/appraisal wells in block KG-DWN-98/2 and also seeking an extension of the exploration period for drilling these wells.
The state-run firm estimates that the block holds an in-place volume of 25.61 million tonnes of oil and 197 billion cubic metres of natural gas. It is proposing an investment of over $7.7 billion to produce up to 30 million standard cubic metres per day of gas from the block.ONGC bought 90% interest in the block from Cairn Energy India Ltd in 2005. Cairn still holds 10% in the block. Before selling most of its stake and giving away operatorship of the block, Cairn made four discoveries in the area -- Padmavati, Kanakdurga, N-1 and R-1 (Annapurna). Subsequently, ONGC made six significant discoveries -- E-1, A1, U1, W1, D-1/KT-1 and the first ultra-deepwater discovery UD-1, at a record depth of 2,841 metres.The block is divided into a Northern Discovery Area (NDA) and Southern Discovery Area (SDA). The NDA comprises discoveries like Padmawati, Kanadurga, D, E, U and A, while the ultra deep-sea UD find lies in the SDA.crackcrack
Company Name | CMP |
---|---|
ONGC | 237.30 |
Oil India | 421.20 |
Jindal Drilling&Inds | 766.55 |
Hind Oil Exploration | 192.80 |
Deep Industries | 579.75 |
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