State-owned Oil and Natural Gas Corporation (ONGC) has signed definitive agreements to buy out debt-ridden Gujarat State Petroleum Corporation’s (GSPC) entire 80% stake in KG-basin natural gas block for $1.2 billion.
Under the farm-in and farm-out agreement, ONGC will pay $995.26 million for three discoveries in the KG-OSN-2001/3 block that are under trial production since August 2014.
Besides, another $200 million will be paid for six other discoveries for which GSPC has been finalizing an investment plan to bring them to production.
Takeaways from above News-
- Full form of ONGC is Oil and Natural Gas Corporation
- ONGC headquarter is in Uttarakhand
- ONGC was founded in 1956
- CEO of ONGC is Dinesh K Sarraf.
Source- The Hindu