OIL & Natural Gas Corporation (ONGC) is to invest more than $5billion in developing its deepwater blocks KG-DWN-98/2 and KG-DW-IV, with first production anticipated in 2013.
However, ONGC’s chairman and managing director, R.S. Sharma, warned at the company’s annual meeting in September that the currently tight rig market was a serious impediment to deepwater progress offshore India.