Inpex will return to India for the first time since 2008 after acquiring 26% interest in Oil and Natural Gas Corp (ONGC)'s deepwater play in the Bay of Bengal, the company announced on 5 November 2012.
ONGC will remain operator of exploration block KG-DWN-2004/6, which is located in the Krishna Godavari Basin 300km off the southeastern coast of India. The block covers an area measuring 10,907km2 in water depths of approximately 3,000m. Inpex said it expects the block to have large scale reserves of both oil and natural gas.
Once the acquisition is approved by Indian authorities, ONGC will hold 34% interest in the block. Other block partners include GAIL (10%), Gujarat State Petroleum Corp. (GSPC, 10%), Hindustan Petroleum Corp. (HPCL, 10%) and Oil India Limited (OIL, 10%).
The deal's value was not disclosed.