ONGC in an exchange filing says GSPC will continue to hold 10% participating interest in the said block while the remaining 10% lies with Jubilant Offshore Drilling. Photo: ReutersBengaluru: Oil and Natural Gas Corp Ltd, India’s top explorer, said on Friday it has bought 80% participating interest and operator-ship in one of the blocks of Gujarat State Petroleum Corporation (GSPC) in Krishna Godavari Basin offshore. GSPC will continue to hold 10% participating interest in the said block while the remaining 10% lies with GSPC’s partner Jubilant Offshore Drilling Ltd, ONGC said in an exchange filing. ONGC said it has taken over the block against a purchase consideration of $995.3 million. ONGC also intends to develop an High Pressure High Temperature (HPHT) corridor of oil and gas in the Krishna Godavari Basin, it said.

Source: Mint August 05, 2017 06:00 UTC