BG India Signs PSC for Krishna - Godavari Block
BG Exploration and Production India Limited (BGEPIL) and Oil and Natural Gas Corporation Limited (ONGC) signed a Production Sharing Contract with the Government of India for Block KG-OSN-2004/1, which was awarded in the recent NELP VI licensing round.
BGEPIL has a 45 percent interest in the block along with partner ONGC, which holds a 55 percent interest and operatorship.
Managing Director, BG India, William Adamson said, "This award adds to our current portfolio of upstream assets and marks the beginning of BG India's diversification into a new and growing hydrocarbon region on the east coast. The Krishna Godavari Basin is an important gas province and, along with ONGC, we look forward to participating in its development."
The shallow water block, which covers an area of approximately 1150 square kilometers, is located in the Krishna - Godavari basin off the east coast of India.
BG India is part of BG Group plc, a global natural gas business with activities on five continents in 25 countries. BG Group operates four business segments worldwide - Exploration & Production, Liquefied Natural Gas, Transmission & Distribution and Power. BG India is responsible for managing and developing the upstream and downstream interests of BG Group in India. It is the largest investing foreign company in the Indian oil and gas sector having invested approximately US$900 million to date.
BG Exploration & Production India Limited (BGEPIL), has a 30% interest in the joint venture that jointly operates the offshore Panna/ Mukta and Tapti fields (PMT). BG Group has a 65.12% controlling stake in Gujarat Gas Company Limited (GGCL), India's largest private natural gas distribution and transmission company, which supplies natural gas to industrial, commercial and domestic customers and CNG vehicles in the cities of Ankleshwar, Bharuch and Surat in south Gujarat. Mahanagar Gas Ltd (MGL) is an equal joint venture owned by BG and GAIL (49.75% equity stake each) that distributes natural gas and CNG in Mumbai, Thane and Mira-Bhayander.
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