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New Delhi, Sept. 19 ONGC plans to begin production from its ultra deep sea gas discovery in the Krishna-Godavari basin off the east coast by 2012-13.

The company is looking at an investment of $4.5-5 billion for developing the field.

“The company is firming up an appraisal plan for integrated development of the discoveries in the shallow to deepwater part of the KG-DWN-98/2 block along with other fields in adjoining nomination acreages, which is projected to yield 12-15 million cubic meters gas per day by 2012-13,” Mr R.S. Sharma, Chairman and Managing Director, ONGC, said.

ONGC has made nine oil and gas discoveries during the current fiscal. The results of the appraisal programme of the northern area of the block are expected to be ready by the end of this month.

The company hopes to receive approval for the appraisal results by the end of this year and submit the development plan for the block by the end of 2008 or early 2009.

The block is adjacent to Reliance Industries Ltd’s prolific KG-D6 block. ONGC has roped in Norsk Hydro of Norway and Petrobras of Brazil as equity partners in the block for the development of the deep-sea find.

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