INPEX Offshore ,signs a farm-in agreement with ONGC

INPEX Offshore ,signs a farm-in agreement with ONGC

INPEX Offshore , has signed a farm-in agreement with Oil and Natural Gas Corporation (ONGC) to acquire a 26% participating interest in exploration block KG-DWN-2004/6, offshore of India.
“ONGC, India’s state-owned oil and gas company, will continue to operate the block with a 34% interest, while INPEX will hold a 26% stake.”The block, located in the deep waters of the Krishna Godavari Basin in the Bay of Bengal, covers an area of 10,907km with a water depth of about 3,000m.
Under the terms of the deal, ONGC, India’s state-owned oil and gas company, will continue to operate the block with a 34% interest, while INPEX will hold a 26% stake in the project.
The other partners of the joint venture include GAIL (India), Gujarat State Petroleum Corporation, Hindustan Petroleum Corporation and Oil India, which each own ten percent interest in the block.
The agreement is subject to certain conditions, including Indian Government approval, the company said.

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