India To Explore Joint Ventures With Foreign Partners To Develop Gas Field

June 23, 2011
India's state-owned Oil and Natural Gas Corporation (ONGC) will explore joint ventures, with foreign partners having expertise in exploration, to develop one of the country's largest gas fields off the eastern coast, said an official announcement.

The Corporation also plans to invest USD7.7 billion for the development of the KG basin, said a company spokesman.

ONGC has plans to drill eight additional wells in a block in the KG basin and has sought approval from the regulator and the petroleum ministry, the spokesman added.

The KG basin is considered to be India's most promising gas basin, where some of the country's largest natural gas discoveries have taken place in recent years. India imports about 70 percent of its total fuel needs, the gulf region currently being the principal provider of India's oil and gas requirements.

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