ONGC to Invest in Bengal Offshore Project

The Oil & Natural Gas Corporation has formed an alliance with the Indian Oil Corporation for exploring two blocks in West Bengal, while earmarking an investment of Rs 300 crore for the Bengal offshore project.

The oil PSU, which was awarded one block in offshore Bengal and another in onshore Bengal in sunderban areas, under the National Exploration Licensing Policy-II, would share the cost of exploration with IOC on an 85:15 basis, The company would be primarily focused on the offshore project, for which an investment of Rs 300 crore would be made during the next two years. The survey, requiring about Rs 100 crore, would be started after the monsoon.