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ONGC to buy 80% stake in GSPC's KG gas block for $995 bn

State-owned Oil and Natural Gas Corporation   (ONGC) today said it will acquire 80 per cent stake in debt-laden Gujarat State Petrochemicals Corporation's KG basin gas block for USD 995.26 billion.

Under the deal, ONGC will also acquire operatorship of the block KG-OSN-2001/3 in Krishna Godavari (KG) Basin offshore.

"ONGC Board today considered the proposal and approved acquisition of the entire 80 percent Participating Interest (PI) of GSPC along with operatorship rights, at a purchase consideration of USD 995.26 million for Deen Dayal West Field in the Block," the company said in a statement here.


Gujarat State Petrochemicals Corporation (GSPC) has already built significant production facilities like 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.

ONGC shall also pay part consideration of USD 200 million to GSPC towards future consideration for six discoveries other than Deen Dayal West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval their Field Development Plans by DGH / Management Committee of the Block.


ONGC also finds opportunity to bring the Cluster-I gas discoveries of KG-DWN-98/2 NELP Block and adjacent nomination blocks on a fast track development through utilization of infrastructure of Deen Dayal West Field.




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