BG India signs agreement with ONGC for deepwater blocks

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.

UNI SNR KVV 1920