(PTI)
State-owned oil producer ONGC today said it may miss the June 2019 target for starting production from its KG-D5 block due to regulatory policy changes. Oil and Natural Gas Corp (ONGC) is investing USD 5.07 billion in KG-DWN-98/2, which sits next to Reliance Industries flagging KG-D6 block in Bay of Bengal, with the target of bringing out first gas in June next year and oil in March 2020.
In a regulatory filing, ONGC said that after its board in March 2016 approved the field development plan (FDP), it began procuring goods and services such as drilling, completion of wells, creation of production and processing facilities and transportation pipelines.
