“Based on the development plan submitted by GSPC on the basis of exploration work and the geological model analysed by various agencies, we have approved approximately 2 tcf of reserves in KG8 in Deendayal-West of KG Basin,” said V.K. Sibal, director general of DGH.
“We are aiming to raise anywhere between $1 billion and $1.5 billion by the end of this financial year. The DGH nod for developing 2 tcf will allow us to carry on the necessary valuations for the company,” a senior government official said on condition of anonymity.
The Deendayal gas field was discovered in June 2005 and awarded to GSPC under the third round of the New Exploration Licensing Policy. GSPC would invest $1.6 billion over two years for the development of the field.
