ONGC to raise stake in Cambay offshore oilfield

February 25th, 2008 - 10:30 pm ICT by admin  

New Delhi, Feb 25 (IANS) State-owned petroleum major Oil and Natural Gas Corp Ltd (ONGC) will raise its stake in an oilfield in the Gulf of Cambay off India’s northwest coast, it said in a statement. The company will raise it stake to 55.26 percent from the current 30 percent in the CB-OS-1 block in the Gulf of Cambay.

“The company will take up additional participating interest of 30 percent in the development phase of Gulf-A in the joint venture block of CB-OS-1, at the northern-most end of Gulf of Cambay. ONGC’s share of capital expenditure would be $57.2 million (Rs.2.3 billion),” the company said Monday.

The other companies involved in the joint venture are Tata Petrodyne and UK-based petroleum company Hardy Oil, it said.

“In its meeting Feb 25, the company’s board also approved ONGC’s equity investment in the Rs.124 billion joint venture of Dahej Petrochemicals Project in Gujarat and Rs.3.7 billion expenditure plan for the proposed capacity expansion at Hazira gas processing complex,” the company said.

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