ONGC to Invest Close to $9 bn in KG Basin

India’s Oil and Natural Gas Corp (ONGC) is looking to invest about $8.8 billion in KG Basin by 2018-19, according to Press Trust of India.

ONGC has divided 12 oil and gas finds in the block KG-DWN-98/2 or KG-D5 and gas discovery in an adjacent G-4 block the Bay of Bengal into three clusters to quickly bring them to production, a senior company official told the news agency. 

"The investment will be for drilling 45 development wells, an array of sub-sea pipelines carrying gas to a fixed platform for processing and a pipeline to carry gas form it to an onshore terminal. Oil will be transported to a floating production system (FPSO) that will transfer it to ships for taking to refineries," the officials said. 

ONGC plans to develop the discoveries in the block in three clusters — 14.5 million standard cubic meters per day of gas for 15 years from Cluster-1 comprising of D&E finds of Northern Discovery Area (NDA) in KG-D5 block and G-4 find in the a neighbouring area. 

"We plan to get first gas by mid-2018 and first oil by mid-2019," he told Press Trust.