Oil & Natural Gas Corporation (ONGC) and Inpex Corporation (INPEX), Japan's largest oil companies have entered into a strategic partnership for exploration of hydrocarbons in one of the acreages in KG basin. Both companies have inked a Farm-out Agreement at ONGC's corporate head-quarters in New Delhi.
INPEX has acquired a 26% participating interest farmed-out by ONGC in the exploration block KG-DWN-2004/6, located in the deep waters of Krishna Godavari Basin in the Bay of Bengal. ONGC continues as Operator of the Block with a 34% participating interest in consortium with existing partners GAIL (India) (10%), Gujarat State Petroleum Corporation (10%), Hindustan Petroleum Corporation (10%) and Oil India (10%). Respective Boards of ONGC and INPEX Corporation have already approved the proposal.
The block KG-DWN-2004/6, awarded to an ONGC-led consortium under the NELP-VI licensing round, is located some 300 km off the Andhra Pradesh coast and covers an area of more than 10,000 sq kms with a water depth of approximately 3,000 m. Operator ONGC has completed most of the phase-I exploration programme in the block except drilling of one well which is to be taken up.
INPEX has acquired a 26% participating interest farmed-out by ONGC in the exploration block KG-DWN-2004/6, located in the deep waters of Krishna Godavari Basin in the Bay of Bengal. ONGC continues as Operator of the Block with a 34% participating interest in consortium with existing partners GAIL (India) (10%), Gujarat State Petroleum Corporation (10%), Hindustan Petroleum Corporation (10%) and Oil India (10%). Respective Boards of ONGC and INPEX Corporation have already approved the proposal.
The block KG-DWN-2004/6, awarded to an ONGC-led consortium under the NELP-VI licensing round, is located some 300 km off the Andhra Pradesh coast and covers an area of more than 10,000 sq kms with a water depth of approximately 3,000 m. Operator ONGC has completed most of the phase-I exploration programme in the block except drilling of one well which is to be taken up.
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