India’s Oil and Natural Gas Corp. is preparing to bet billions of dollars on deepwater and ultra-deepwater exploration, boosting spending in a push that could help one of the world’s top oil importing nations reduce reliance on overseas supply.
India’s Oil & Natural Gas Corporation (ONGC) has hit a key milestone for its giant KG-DWN-98/2 deep-water development in the Krishna Godavari (KG) basin offshore India’s east- coast.
Aberdeen-headquartered Norwell Engineering has landed a contract worth more than £20million with ONGC on one of the world’s largest deepwater projects.
The Indian Ministry of Petroleum and Natural Gas has reportedly told state-owned ONGC to sell stakes in producing oil fields to private companies and find foreign partners for gas fields in the prolific Krishna Godavari (KG) basin.
India’s state-backed Oil & Natural Gas Corporation (ONGC) is set to boost deep-water gas production from the Krishna Godavari (KG) basin to between 2.5 million and 3 million cubic meters per day (cm/d) by May this year.
Officials from Mozambique have showcased the level of investment in the prolific Rovuma basin in a bid to attract the expertise of North Sea companies to its supply chain.
TechnipFMC has announced the award of a number of “significant” contracts for a deepwater project off the coast of India.