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What Is India News Service
Monday, March 05, 2007



 

 

 

   BG-ONGC $1B Investment in KG

  British major BG Group Plc and Indian major Oil and Natural Gas Corporation (ONGC) announced plans to invest USD 1 billion in the Krishna Godavari basin oil and gas block.
     
 

British major BG Group Plc and Indian major Oil and Natural Gas Corporation (ONGC) announced plans to invest USD 1 billion in the Krishna Godavari basin oil and gas block. The deal allows for BG to take a 30 percent interest in the joint venture and the rest shared between ONGC and Reliance Industries.

This is BG's first investment on the east coast and also signifies the growing importance of hydrocarbon opportunities in the region.

 

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