Business Daily from THE HINDU group of publications
Tuesday, Jul 03, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Jul 03, 2007 ePaper |
|
|
|
|
|
|
|
Corporate
-
Alliances & Joint Ventures
Our Bureau New Delhi, July 2 ONGC has tied up with Norwegian deepwater expert Norsk Hydro Produksjon to develop deepwater oil and gas blocks off the Indian coasts. Apart from extending technical support to ONGC, the Norwegian company has also agreed to acquire a participating interest of 10 per cent in ONGC’s deepwater block in Krishna Godavari Basin. The Norwegian company is going to acquire 10 per cent participating interest in KG-DWN-98/2 with an investment cap of $26 million during appraisal phase and with an option to increase it by another 10 per cent. This is the same block where ONGC recently struck gas. The Norwegian firm may go for participating interest in more NELP blocks of ONGC once they examine the data in the next six months, according to ONGC. ONGC currently has 32 offshore exploration blocks under NELP, of which 26 are in deepwater and six in shallow waters. Of the 26 deepwater blocks, 12 are in ultra-deepwater. ONGC has 100 per cent participating interest in 12 blocks. An agreement was signed on Monday envisaging co-operation between the two oil giants for developing the continental shelf of India. According to ONGC, this agreement is the culmination to a run-up of events, especially the ‘Protocol of Intent’ signed between ONGC and Norsk Hydro in Oslo on September 1, 2005. Norsk Hydro is Norway’s State-run company credited with giving the Norwegian petroleum industry a global stature in offshore business in the past four decades, specialising in world-class project execution skills, especially in deepwater and rough seas. ONGC plans to utilise the expertise of Norsk Hydro on development and production from deepwater and ultra-deepwater and ‘thin oil development and production’ in Vasai East. Norsk Hydro’s experience in various offshore projects and capabilities in providing hi-tech solutions will be particularly useful in solving the challenges at Vasai East, for which ONGC will pay it $7 million.
Related Stories: More Stories on : Alliances & Joint Ventures | Petroleum | Oil & Natural Gas Corporation Ltd
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|