ONGC board approves stake purchase in GSPC’s block

The board of the Oil and Natural Gas Corporation (ONGC) has approved the signing of an MoU for buying a stake in Gujarat State Petroleum Corporation Limited’s (GSPC) Krishna-Godavari (KG)-OSN-2001/3 block. ONGC has hired US-based Ryder Scott Petroleum Consultants to assess natural gas reserves in the block. The firm has been asked to evaluate gas properties and independently certify the reserves quantity in the block. GSPC was the operator of the block with an 80 per cent working interest. Jubilant Enpro Private Limited holds a 10 per cent working interest in the block, through its subsidiary Jubilant Offshore Drilling Private Limited, and Geoglobal Resources Limited holds the remaining 10 per cent interest.