India’s biggest oil explorer Oil and Natural Gas Corporation is believed to have approached global oil firms seeking an ultra deepwater rig for drilling well UD-1 in the Krishna Godavari basin block KG-DWN/98-2.
The global major is believed to have even offered a stake in the block, where it claims to have discovered huge natural gas reserves, in return for the rig. ONGC is in talks with global oil firms StatOil, Norway’s Norsk Hydro among others to secure an ultra deepwater rig for drilling in well UD-1. It has so far been unable to secure an ultra deepwater rig in the international market even after willing to pay higher prices. ONGC now plans to develop other discoveries in the block. The firm claims that these discoveries hold a potential of over 6 tcf of gas. The cost of developing this discovery is about $5 billion. The commercial production of this is likely to begin in 2011.
Read More
No comments:
Post a Comment