ONGC seeks rig from global oil firms for KG block work (The Ecoomic Times 14th Dec 2007) India’s biggest oil explorer Oil and Natural Gas Corporation (ONGC) is believed to have approached global oil firms seeking an ultra deepwater rig for drilling well UD-1 in the Krishna Godavari (KG) basin block KG-DWN/98-2. The global major is believed to have even offered a stake in the block, where it claims to have discovered huge natural gas reserves, in return for the rig, people close to development told ET. ONGC is in talks with global oil firms StatOil, Norway’s Norsk Hydro among others to secure an ultra deepwater rig for drilling in well UD-1. It has so far been unable to secure an ultra deepwater rig in the international market even after willing to pay higher prices. The logic is simple: ONGC needs to drill more in that well to establish its claims of gas discovery. Govt offers 57 oil, gas blocks in seventh round (The Hindu Business Line 14th Dec 2007) The seventh auction round of o...
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