ONGC plans separate division for difficult fields

Chalks out integrated development of GSPC and its own KG assets

The country’s largest hydrocarbon producer Oil and Natural Gas Corporation (ONGC) plans to spin off its difficult fields into a separate division that includes Gujarat State Petroleum Corporation's Deen Dayal Upadhyaya discovery in the Krishna Godavari (KG) basin. 

Besides, the company has chalked out a detailed plan for development of its existing KG basin assets after integration with GSPC facilities. It was this integration that added value to the $1.2 billion deal with GSPC, D K Sarraf, chairman and managing director, ONGC, told Business Standard. 

An analyst, however, said ONGC had paid more money for the GSPC asset than its