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BG inks 2 pacts with ONGC for 2 East Coast blocks

Our Bureau

New Delhi, Feb. 19

BG India has signed two farm-in agreements with ONGC to acquire participating interest in two deepwater blocks off the Indian East Coast.

Under the terms of the agreements, BG will acquire a 30 per cent participating interest in KG-DWN-98/4 block and 25 per cent participating interest in MN-DWN-2002/02 block, a company statement said.

The KG-DWN-98/4 block is located in the Krishna Godavari basin. On completion of the farm-in agreement, which is subject to Government approval, the consortium on this block will comprise BG India (30 per cent), ONGC (55 per cent and operator), and Oil India Ltd (15 per cent).

The second block, MN-DWN-2002/02 is located in the Mahanadi (MN) basin in the Eastern offshore. In the MN block, BG India will have a 25 per cent stake and ONGC will retain a 75 per cent participating interest and will remain an operator.

The agreement was signed on Monday. Mr Kapil Garg, Managing Director, BG India, said “We have an excellent relationship with ONGC through our existing partnership agreements on the Panna-Mukta-Tapti fields and our other joint interest in the Krishna Godavari Basin. This agreement provides further opportunities for both.”

BG India has a 30 per cent stake in the Panna-Mukta-Tapti oil and gas fields which produce around 8 per cent of India’s total oil and gas production. BG India holds a 45 per cent stake in the Krishna Godavari Basin block KG-OSN-2004/1. BG Group also holds a 65.12 per cent controlling stake in Gujarat Gas Company Ltd (GGCL) and a 49.75 per cent stake in Mahanagar Gas Ltd (MGL) in Mumbai.

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