Oil & Natural Gas Corporation now
seems reluctant to allow the Norway's Statoil Hydro to enhance its
stake in the KG-DWN-98/2 offshore block beyond 20 per cent, as was originally
agreed.
ONGC (65 per cent) has already
established the presence of approximately 2 tcf of gas in an ultra deepwater
discovery in the block and has roped in Statoil (10 per cent) of Norway and
Petrobras of Brazil as strategic partners in the block. Cairn India also holds
10 per cent participatory stake in the four-member consortium.
It is learnt that as per the original
understanding, both Statoil and Petrobras would double their stakes to 20 and 30
per cent respectively, subject to approval of all the consortium members. It was
also decided that ONGC would be the operator during the exploration and
production phases.
Also See:
StatoilHydro to
increase stake in ONGC's gas block (26-Aug-08)