ONGC to acquire GSPCs 80% stake in KG basin
The Dollar Business Bureau Oil and Natural Gas Corporation Ltd. (ONGC) has been exploring potential opportunities with Gujarat State Petroleum Corporation Ltd. (GSPC) to purchase the latter’s stake and operatorship in NELP-III Block in Krishna Godavari (KG) Basin offshore. The board of ONGC had approved an acquisition of the entire 80% participating interest of GSPC along with operatorship rights, at a purchase consideration of $995.26 million for Deen Dayal West Field in the Block. ONGC will also pay $200 million to GSPC for six other discoveries, in addition to Deen Dayal West Field. GSPC has already installed production facilities such as well-head platforms, process-cum-living quarter platform, onshore gas terminal, export pipeline for transporting treated well fluid from process platform to onshore terminal etc. “The acquisition ...
ONGC to bring smaller fracking units in Texas to India
The Dollar Business Bureau To enhance its in-house fracturing capacity and meet its additional work plan, the Oil Natural Gas Corporation (ONGC) is in the process of acquiring more fracking units and likely to bring in smaller fracking companies in Texas to India, Ministry of Petroleum and Natural Gas, said in an official release on Wednesday. The Union Minister of Petroleum and Natural Gas, Dharmendar Pradhan, said that the ONGC carries out frack jobs in nearly 120-140 wells every year by utilizing its existing equipment. And, to meet immediate additional fracking demand and attract more foreign companies to India, the ONGC has also organized a road show in Calgary in April 2015. Speaking on the natural gas production in ...
