Two years after acquiring an 80 per cent in Gujarat State Petroleum Corporation’s (GSPC) KG Basin gas block, Oil and Natural Gas Corporation (ONGC) is yet to get complete legal ownership of the block.
Two senior company executives said “the production-sharing contract (PSC) of the block is yet to be transferred to ONGC”. The deal was completed in August 2017, for which ONGC paid about Rs 7,738 crore.
The right to operate a well, field, or other oil source continues to be with GSPC, according to the website of the Directorate General of Hydrocarbons (DGH).
