ONGC eyes foreign partner for KG
By Piyush Pandey, TNN |
Highlights
NEW DELHI: The state-run ONGC, which is believed to have discovered India���s largest gas find in the hydrocarbon-rich Krishna Godavari (KG) Basin, is seeking international partners to develop the block. The company has initiated discussions with global players like ENI of Italy, Brazil���s Petrobras and UK major BP and BG Group to develop the block. Confirming the development, ONGC chairman and managing director RS Sharma told ET: ���We do not have the expertise in developing the deep water and ultra deep-water blocks. We need support in developing the deep-water blocks in the KG basin. We are seeking international participation and have already signed an MoU with global players like ENI of Italy and Petrobras of Brazil for such a collaboration.���
On offering stake to international players, Mr Sharma said, ���We have not decided it as yet, but it would be a minority stake. Our teams are negotiating the stake. We are also in talks with BP and BG on this.��� It is learnt that ONGC would offload maximum up to 20% stake. ONGC is the operator of the block with 90% stake and Cairn India owns the remaining 10%. Asked about the most suitable partner for KG basin development, DK Pandey, director-exploration, ONGC, said, "Petrobras of Brazil has technical expertise in developing such deep-water and ultra deep-water blocks and maybe our potential partner.���
ONGC will announce this giant discovery within a week���s time and the size of discovery is expected to be over 22 trillion cubic feet (TCF), ahead of RIL���s discovery of 14 TCF in 2002 and GSPC���s discovery of 20 TCF of gas in 2005. ONGC, however, refused to confirm this.
On offering stake to international players, Mr Sharma said, ���We have not decided it as yet, but it would be a minority stake. Our teams are negotiating the stake. We are also in talks with BP and BG on this.��� It is learnt that ONGC would offload maximum up to 20% stake. ONGC is the operator of the block with 90% stake and Cairn India owns the remaining 10%. Asked about the most suitable partner for KG basin development, DK Pandey, director-exploration, ONGC, said, "Petrobras of Brazil has technical expertise in developing such deep-water and ultra deep-water blocks and maybe our potential partner.���
ONGC will announce this giant discovery within a week���s time and the size of discovery is expected to be over 22 trillion cubic feet (TCF), ahead of RIL���s discovery of 14 TCF in 2002 and GSPC���s discovery of 20 TCF of gas in 2005. ONGC, however, refused to confirm this.
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