ONGC, Cairn to spend Rs. 6k cr in K-G basin.

State-run Oil and Natural Gas Corporation and its partner, Cairn India, are readying to spend between $750 million and $1 billion (Rs. 4,800-6,400 crore) in the Nagayalanka onshore block in the Krishna-Godavari Basin.

Officials from ONGC and Cairn India said the finds were promising and they were set to commence production next year. The investments would be over three to five years, on creation of infrastructure, production facilities and transportation.

'We are very positive on the block. In addition to oil, there are small amounts of gas with recoverable reserves of around 70 billion cubic ft,' said an ONGC official.


BS