After Petrobras of Brazil, Norway's Norsk Hydro has agreed to take a stake in Oil and Natural Gas Corporation's gas discovery block off the east coast. Norsk Hydro will take 10 per cent stake in the block KG-DWN-98/2 for $26-million and will have the option to raise it to 20 per cent, an ONGC press release said.
ONGC signed an agreement with the Norwegian deepwater export to develop deepwater oil and gas blocks on Monday evening.
The agreement was signed by Director (offshore) N K Mitra and Director (exploration) D K Pande on behalf of ONGC and Tore Torvund, Executive Vice President, Norsk Hydro.
Petrobras had last month picked 15 per cent stake, with an option to raise it to 30 per cent, in the block where ONGC has reported six discoveries, the latest one at UD-1 well being assessed by upstream regulator DGH as holding 2.08