BG India signs Prod'n Sharing Contract for KG Basin block with ONGC

Mumbai, Mar 2 (UNI) BG Exploration and Production India Ltd (BGEPIL) and Oil&Natural Gas Corporation(ONGC) today signed a Production Sharing Contract (PSC) with the Centre for Block KG-OSN-2004/1, which was awarded in the recent NELP VI licensing round.

BGEPIL has a 45 percent interest in the block along with partner ONGC, which holds a 55 percent interest and operatorship, said a BG press release.

Managing Director, BG India, William Adamson said, ''This award adds to our current portfolio of upstream assets and marks the beginning of BG India's diversification into a new and growing hydrocarbon region on the east coast. The Krishna Godavari Basin is an important gas province and along with ONGC, we look forward to participate in its development.'' The shallow water block, which covers an area of approximately 1150 square kilometres, is located in the Krishna - Godavari basin off the east coast of India.

BG Group operates four business segments worldwide - Exploration&Production, Liquified Natural Gas, Transmission&Distribution and Power. BG India is responsible for managing and developing the upstream and downstream interests of BG Group in India. It is the largest investing foreign company in the Indian oil and gas sector having invested approximately US0 million to date.

UNI