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Tuesday, March 29, 2016

ONGC to invest $5b in KG basin block

State-run ONGC on Monday said that it would invest Rs 34,012 crore or over $5 billion in the next four years for drilling oil and gas wells in the deep-water block off the country’s eastern coast.

The offshore block, located in the Krishna-Godavari basin, abuts the KG D6 block operated by Reliance. ONGC has alleged that Reliance has drawn gas from its hitherto undeveloped fields that lie next to the already operational oil and gas wells of the private sector explorer.

The dispute is being looked into by a panel headed by Justice AP Shah, chairman of the law commission and former chief justice of the Delhi High Court. The panel is expected to submit its report by May.

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