BG Exploration and Production India Limited (BGEPIL) and Oil and Natural Gas Corporation Limited (ONGC) today signed a Production Sharing Contract (PSC) with the Government of India for Block KG-OSN-2004/1, which was awarded in the recent NELP VI licensing round.
BGEPIL has a 45 percent interest in the block along with partner ONGC, which holds a 55 percent interest and operatorship.
Managing Director, BG India, William Adamson said, "This award adds to our current portfolio of upstream assets and marks the beginning of BG India’s diversification into a new and growing hydrocarbon region on the east coast. The Krishna Godavari Basin is an important gas province and, along with ONGC, we look forward to participating in its development."
The shallow water block, which covers an area of approximately 1150 square kilometres, is located in the Krishna - Godavari basin off the east coast of India.