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12

India's OGNC Makes Major Commitment

Company looks to capitalize on recent tender win...

India's state-run Oil and Natural Gas Corp and its partners will invest over US$1 billion in exploring for oil and gas in the 14 oil and gas blocks they won in Northern India.

Of the US$1 billion investment committed, ONGC's share would be US$890 million, company chairman and managing director Subir Raha told reporters after signing license agreements for exploring 14 oil and gas blocks.

ONGC and its partners - Oil India Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd have committed a minimum investment of US$412 million in the mandatory first phase of exploration in these blocks.