According to media reports, the restriction on exploration in ‘no-go’ areas imposed by the ministry of defence (MoD) may hinder Oil and Natural Gas Corporation’s (ONGC) business plan.
The public sector firm plans to rope in technical parters
for its deep water and ultra deep water blocks, which fall under ‘no-go’ areas.
ONGC holds 19 offshore blocks across the Mahanadi, Cauvery and Krishna-Godavari basins and the Andaman & Nicobar Islands. Last year, it farmed out a 26 per cent stake in exploration block KG-DWN-2004/6 to Japanese explorer Inpex.
ONGC is said to be holding talks with US-based ConocoPhillips and Shell Corporation to sell stake in the blocks. ConocoPhillips and Shell Corporation have rich experience and advanced technology for deep water exploration.
During the first half of this year, ONGC planned to conclude its talks with ConocoPhillips, which began last year.
The MoD declared almost 40 blocks, including Reliance IndustriesÂ’ Krishna-Godavari basin KG-D6 block and the gas discovery area of NEC-25 in the north-east coast region as ‘no-go’ zones.
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