Inpex Acquires Stake in KG Basin Block

Inpex Corporation has agreed to acquire a 26% participating interest in the oil and gas exploration block KG-DWN-2004/6 in the deep water of Krishna Godavari Basin in the Bay of Bengal, offshore India, from Oil and Natural Gas Corporation (ONGC).

The block is located approximately 700 km east of Chennai, off the coast of southeastern India, and covers an area of 10,907 sq km with a water depth of approximately 3,000m.

“By highlighting the recent improvements of oil and gas exploration and development technology in the deep water, the block is expected to have large scale reserves of oil and natural gas,” Inpex said.

ONGC is operating the block. Two-dimensional and three-dimensional seismic data have already been processed and exploratory well drilling is planned shortly.