ONGC buys 80% participating interest in GSPC block
ONGC says it has bought 80% participating interest and operator-ship in one of the blocks of Gujarat State Petroleum Corporation in Krishna Godavari Basin offshore
Bengaluru: Oil and Natural Gas Corp Ltd, India’s top explorer, said on Friday it has bought 80% participating interest and operator-ship in one of the blocks of Gujarat State Petroleum Corporation (GSPC) in Krishna Godavari Basin offshore.
GSPC will continue to hold 10% participating interest in the said block while the remaining 10% lies with GSPC’s partner Jubilant Offshore Drilling Ltd, ONGC said in an exchange filing.
ONGC said it has taken over the block against a purchase consideration of $995.3 million.
The state-run company said it has made an advance payment of $200 million to GSPC towards future consideration for six discoveries other than Deen Dayal West Field.
ONGC also intends to develop an High Pressure High Temperature (HPHT) corridor of oil and gas in the Krishna Godavari Basin, it said. Reuters