(ET)
Oil and Natural Gas Corporation (ONGC) plans to use undersea infrastructure of Gujarat firm GSPC to produce gas from its own KG-basin fields in the Bay of Bengal. ONGC last year agreed to buy Gujarat State Petroleum Corporation’s (GSPC) 80 per cent interest in the KG-OSN-2001/3 block, which sits next to the state-owned firm’s KG-DWN-98/2 or KG-D5 block.
“We have divided discoveries in KG-D5 into three groups. Cluster-1 finds can be tied up to GSPC block infrastructure,” a company official said. ONGC has finalised a USD 5.07 billion plan for developing the Cluster-II finds by 2019-20. First gas production is envisaged by June 2019 and oil will start flowing from March 2020, he said.
