ONGC to sink $3.3 bln into ultra-deepwater UD-1 block

India’s Oil and Natural Gas Corp. will invest INR 215 billion to develop the country’s deepest gas discovery.
By Staff reporter 16 March 2017 0 25087

India’s Oil and Natural Gas Corp. (ONGC) will invest INR 215 billion ($3.3 billion) to develop the country’s deepest gas discovery, The Economic Times reported on Thursday.

The ultra-deepwater UD-1 block lies next to the highly prospective KG-D6 fields.

"We have submitted to the Directorate General of Hydrocarbons a declaration of commerciaility for the UD-1 find. We will submit a final investment plan, called the field development plan, by end-2017 and hope to bring the discovery to production by 2022-23," Tapas Kumar Sengupta, ONGC’s offshore...

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