BG India signs PSC for Krishna-Godavari block

BG Exploration and Production India Ltd. (BGEPIL) and Oil and Natural Gas Corporation Ltd. (ONGC) have signed a production-sharing contract (PSC) with the Government of India for Block KG-OSN-2004/1, which was awarded in the recent NELP VI licensing round.

Offshore staff

LONDON -- BG Exploration and Production India Ltd. (BGEPIL) and Oil and Natural Gas Corporation Ltd. (ONGC) have signed a production-sharing contract (PSC) with the Government of India for Block KG-OSN-2004/1, which was awarded in the recent NELP VI licensing round.

"This award adds to our current portfolio of upstream assets and marks the beginning of BG India's diversification into a new and growing hydrocarbon region on the east coast. The Krishna-Godavari basin is an important gas province and, along with ONGC, we look forward to participating in its development," says William Adamson, managing director, BG India.

The shallow water block covers 1,150 sq km (sq mi) in the Krishna-Godavari basin off the east coast of India.

BGEPIL has 45% interest in the block. ONGC operates the block with 55% interest.

3/3/2007

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