Uchenna Izundu
International Editor
LONDON, Mar. 2 -- India has signed a production-sharing contract with BG Group and India's Oil & Natural Gas Corp. to develop Block KG-OSN-2004/1 in the Krishna Godavari basin. The shallow-water block covers 1,150 sq km.
William Adamson, managing director of BG India, said the block—awarded under the nation's sixth licensing round—"marks the beginning of BG India's diversification into a new and growing hydrocarbon region on the east coast."
A BG spokeswoman told OGJ the partners will reinterpret 2D seismic data that were previously shot over the block. "We'll shoot more 2D and 3D seismic and interpret these before we can give guidance on our work program. If we are to drill any wells, that would most likely be at the back end of 2008-09."
According to the Press Trust of India news agency, BG expects to invest about $1 billion in the block over the next 5 years.
Contact Uchenna Izundu at [email protected].
