The Gujarat State Petroleum Corporation (GSPC) spent Rs 15,095 crore on exploration in the Krishna-Godavari basin, the state Legislative Assembly was informed on Tuesday.
Of the Rs 15,095 crore spent till May 31, 2019, the state-owned firm spent Rs 83.16 crore in the last three years, the government said in a written reply to a query raised by Congress MLA Dr CJ Chavda. It stated that between 2017-19 to May 2019-20, over 94.51 million cm (cubic meter) gas worth Rs 156.87 crore was produced from KG basin.
The Assembly was also told that GSPC accounts for only 10 per cent of total production.
In August 2017, the Oil and Natural Gas Corporation bought 80 per cent stake in GSPC’s KG basin gas block at Deen Dayal West gas fields (Block KG-OSN-2001/3) for Rs 6,443 crore. The 10 per cent stake that GSPC holds was bought from outgoing partner Geo Global Resources. The remaining 10 per cent stake is with Jubilant Offshore Drilling Ltd.
The trial gas production from the Deen Dayal West fields began in 2014, and commercial production on April 1, 2016. GSPC has nine gas discoveries of which KG-08, KG-17 and KG-15 have been approved for development.