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ONGC investment
State-owned #Oil and Natural Gas Corp (ONGC) has signed a Memorandum of Understanding with #Andhra Pradesh state government to invest US$5.07 billion in developing offshore oil and gas finds by 2019-20.
It will develop 10 oil and gas discoveries in the #Bay of Bengal block KG-DWN-98/2 (KG-D5), with first gas production by June 2019 and oil by March 2020, reported Press Trust of India on 28 Jan 2017.
The 7,294.6 sq km deep-sea KG-D5 block has been broadly categorised into Northern Discovery Area (NDA – 3,800.6 sq km) and Southern Discovery Area (SDA – 3,494 sq km).
ONGC Chairman and Manging Director #Dinesh K Sarraf and the state government’s Industries Director #Kartikeya Misra signed the MoU. fii-news.com
