• 10 hours The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Demonising fossil fuels has caused major grid problem in Australia
  • 5 days "And this is perhaps the most dangerous kind of government there can be."
  • 17 mins Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 16 mins "...too many politicians believe things that aren’t true." says Robert Rapier
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 14 hours Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 2 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 327 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 4 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
  • 9 days Famous author Michael Crichton talks about the "Climate Change Religion" aka Feudalism 2.0

India’s ONGC To Invest $5.1B To Develop Deepwater Oil & Gas

India’s state-run Oil and Natural Gas Corporation (ONGC) will invest US$5.1 billion (340.12 billion rupees) over the next four years in the development of a deepwater oil and gas block off India’s east coast, the company tweeted on Friday.

ONGC will be developing the Cluster 2 oil and gas fields in the block KG-DWN-98/2, which is expected to produce first gas in 2019 and first oil in 2020, the company said via Twitter in August of this year. Peak daily production from the project is expected to be 16.30 million cubic meters of gas and 77,300 barrels of oil.

In March of this year, ONGC’s board of directors approved the field development plan for the Cluster 2. The expected peak daily production rates would account for nearly 17 percent of ONGC’s current crude oil production rate and for 27.6 percent of its natural gas output rate.

Apart from looking to develop projects in and offshore India, ONGC is betting on Russian fields. Earlier this year, the Indian company raised US$1 billion in proceeds from bond issues, which will be used to refinance a loan, taken out to fund the acquisition of a 15-percent stake in the giant Vankor field from Rosneft. ONGC was the first Indian company to sign an agreement with Rosneft to buy into Vankor. Then three other Indian groups - Bharat Petroleum, Indian Oil Corp, and Oil India - also joined the party, agreeing to buy 23.9 percent in Vankor.

Earlier this month, ONGC and Rosneft signed a deal under which ONGC will buy another 11 percent in the company running the Vankor field and thus raise its stake to 26 percent.

Earlier this week, the Indian government officially endorsed Oil India, Indian Oil Corporation and Bharat Petro to buy the 23.9-percent interest in JSC Vankorneft.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News