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ONGC to develop east coast gas field

The Oil and Natural Gas Corporation will invest $700 million in developing a recently discovered gas field off the country's east coast, the Press Trust of India said on Tuesday.

"We plan to invest around $700 million in developing the deep water gas field in the Krishna Godavari basin," ONGC chairman Bikash Bora said.

The energy company would soon take a decision on commercial exploitation of the gas which is the biggest find off the east coast, Bora was quoted as saying.

ONGC has drilled a second well in the basin to determine the amount of recoverable gas and would drill a third well in the next two to three months, ONGC exploration director Yogesh B Sinha said.

ONGC chief Bora also said that his company was seeking joint venture partners for deep sea prospecting and production.

"We have identified 20 international companies for possible technical collaboration in deep sea exploration activities and will be inviting bids soon," the ONGC chief said.

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