ONGC signs agreements to buy GSPC’s KG block stake

State-owned ONGC (Oil and Natural Gas Corporation) has signed definitive agreements to buy out debt-ridden GSPC’s (Gujarat State Petroleum Corporation) entire 80% in KG (Krishna Godavari)-basin natural gas block for $1.2 billion. ONGC will pay $995.26 million for three discoveries in the KG-OSN-2001/3 block that are under trial production since August 2014. It will pay remaining $200 million for six other discoveries for which GSPC has been finalising an investment plan to bring them to production.

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