Tuesday, June 21, 2011
Deutsche Presse-Agentur (dpa)
India's state-run Oil and Natural Gas Corporation plans to invest 7.7 billion dollars to develop one of the country's largest gas fields off the eastern coast, officials said Tuesday.
ONGC was planning to drill eight additional wells in the block in the Krishna-Godavari (KG) basin and had sought permission from the Directorate General of Hydrocarbons, a company spokesperson said.
"A total life-cycle cost as per the proposal for Declaration of Commerciality (DoC) is of the order of 7.7 billion dollars," the official said.
The gas field could produce upto 30 million cubic meters a day in five years, according to the report in the Economic Times daily.
The oil major is also looking for tie-ups with international partners to maximize the output from the deep-sea field.
The KG basin is India's most prolific gas basin and home to some of India's biggest natural gas discoveries in recent years.
India depends on imports for about 70 percent of its oil and gas needs.
Copyright 2011 dpa Deutsche Presse-Agentur GmbH
Oil & Gas Post
Promote Your Page Too
No comments:
Post a Comment