ONGC is planning to spend over $9 billion to bring into production the company’s upstream petroleum assets in the Krishna Godavari basin by 2017.
The Krishna Godavari is located off India’s east coast.
“We are looking at producing 2.5-3 million tons of oil (per annum) and 317-353 million standard cubic feet per day of gas from the Northern Development Area of Block KG-DWN-98/2,” ONGC Director (Exploration) NK Verma said.
ONGC has divided Block KG-DWN-98/2, which contains 11 oil and gas discoveries, into a Northern Discovery Area (NDA) and a Southern Discovery Area (SDA).
NDA contains around 92 million tons of oil reserves and 3.44 trillion cubic feet of in-place gas reserves spread over seven fields.
ONGC has 90 percent interest in Block KG-DWN-98/2, while Cairn Energy India Ltd. holds the other 10 percent.