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This is an archive article published on January 3, 2012

ONGC to invest $2.89 bn in gas find

State-owned Oil and Natural Gas Corp plans to invest $2.894 billion in developing its ultra-deepsea UD-1 gas discovery in the Krishna Godavari basin by 2016-17

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State-owned Oil and Natural Gas Corp (ONGC) plans to invest $2.894 billion (about Rs 15,340 crore) in developing its ultra-deepsea UD-1 gas discovery in the Krishna Godavari basin by 2016-17.

ONGC believes that UD-1 gas discovery in the southern part of its Block KG-DWN-98/2 can produce for 14-15 years with peak of about 20 million cubic meters per day (mmcmd) lasting for five years,official sources said.

The company detailed the production profile and the likely investment in the revised proposal for declaring the UD-1 find as commercial (called Declaration of Commerciality).

UD-1 is the deepest gas discovery ever made in the country and ONGC estimates it may hold 4.257 Trillion cubic feet of inplace gas reserves. ONGC estimates 2.55 Tcf can berecovered.

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