BG India signs agreement with ONGC for deepwater blocks

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Chennai, Feb 19 (UNI) BG India today announced the signing of two agreements with Oil and Natural Gas Corporation Limited (ONGC) to acquire a participating interest in two deepwater blocks off the Indian East Coast.

BG as per the agreement would acquire a 30 per cent interest in KG-DWN-98/4 block and 25 per cent in MN-DWN-2002/02 block, a company release here said.

On completion of the agreement, subject to Government approval, the Consortium on the block would comprise BG India, ONGC, and Oil India.

The second block, MN-DWN-2002/02 is located at Mahanadi (MN) basin in eastern offshore. In the MN block, BG India would have a 25 per cent stake and ONGC would retain 75 per cent interest and would continue to remain as an Operator, the release added.


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