ONGC to Invest Nearly $3 billion on KG Gas Find

Oil and Natural Gas Corp (ONGC) is reportedly plannig to invest $2.894 billion in developing its ultra-deepsea UD-1 gas discovery in the Krishna Godavari basin by 2016-17.

Reports suggest that UD-1 gas discovery can produce for 14-15 years with peak of about 20 million cubic metres per day (mmcmd) lasting for five years. It may hold 4.257 trillion cubic feet of inplace gas reserves.  The Directorate General of Hydrocarbons (DGH) has accepted the DOC but with lower inplace volumes of 3.938 Tcf.

The company detailed the production profile and the likely investment in the revised proposal for declaring the UD—1 find as commercial called Declaration of Commerciality.