ONGC draws a blank on offer of stake in Deen Dayal gas field

ONGC’s third attempt to find a partner for the Deen Dayal gas field in the KG basin failed, receiving no bids. The field, acquired from Gujarat State Petroleum Corporation for $1.2 billion, has faced significant technical challenges and produced negligible gas. Despite drilling seven wells, only four were completed with sub-optimal productivity, and three were abandoned due to complications. ONGC sought global partners with technical and financial expertise to develop the field, but the lack of interest highlights the difficulties in making the project viable. This ongoing struggle underscores the complexities and risks associated with deep-sea gas exploration and production1.