The Oil and Natural Gas Corporation (ONGC) has announced that it would invest $3 billion in setting up facilities to extract oil and natural gas from fields at the Krishna Godavari (KG) basin in the Bay of Bengal. These facilities included an integrated offshore supply base and an onshore terminal for the receipt of oil and gas from the KG fields1.

• 1. “ONGC to invest $3 in KG Basin Exploration,” The Hindu, August 01, 2008 at http://www.hindu.com/2008/08/01/stories/2008080155941700.htm