ONGC Completes Rs 7,700 Crore Acquisition Of GSPC

ONGC Completes Rs 7,700 Crore Acquisition Of GSPC

India’s largest oil and gas producer ONGCsaid today it has completed the Rs 7,738 crore acquisition of 80 per cent stake in Gujarat State Petroleum Corp’s KG basin gas block.

State-owned Oil and Natural Gas Corp (ONGC) had in December last year agreed to buy the entire 80 per cent interest of GSPC along with operatorship rights, in Deen Dayal West (DDW) gas field in Block KG-OSN-2001/3 in the Bay of Bengal for USD 995.26 million (Rs 6,443 crore).

The company had also agreed to pay part consideration of USD 200 million (Rs 1,295 crore) to GSPC towards acquisition rights for discoveries other than DDW field in the block. Read More…

 

Credit By : ET Energy World

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