Oil and Natural Gas Corp. Ltd. (ONGC), India’s top explorer, said on Aug. 4 it has bought an 80% participating interest and operatorship in one of Gujarat State Petroleum Corp.’s (GSPC) blocks in the Krishna Godavari Basin offshore.
GSPC will continue to hold a 10% participating interest in the block while the remaining 10% lies with GSPC’s partner Jubilant Offshore Drilling Ltd., ONGC said in an exchange filing.
ONGC said it has taken over the block against a purchase consideration of $995.3 million.
The state-run company said it has made an advance payment of $200 million to GSPC toward future consideration for six discoveries other than Deen Dayal West Field.
ONGC also intends to develop an HP/HT corridor of oil and gas in the Krishna Godavari Basin, it said.