APGIC is a joint venture between AP Industrial Infrastructure Corporation (APIIC) and AP Genco.
In deep water block (D6):
APGIC negotiated with BG Group plc (BG Group), Oil India Limited (OIL) and formed a joint venture with the two companies including ONGC. APGIC will have 10% stake, ONGC 40%, BG Group 35% and OIL 15%.
In shallow water blocks:
APGIC joined hands with ONGC and NTPC for the first block; ONGC in the second; and Oil India, ONGC and NTPC for the fourth block. Cairn Energy PLC beat the APGIC consortium in the third block.
“We won the deep water block (D6) and three shallow water blocks along with consortium partners,” said B. P. Acharya, chairman and managing director of APIIC.
“The project investment in D6 in the next five years is INR2 billion for seismic survey and other preparatory works out of which APGIC will contribute INR200 million,” Acharya said adding that in the three shallow blocks the corporation’s investment would be INR1.4 billion, or 10% of the total cost.
