Statoil Exits Krishna Godavari

Statoil has pulled out of plans to participate in appraisal drilling in the deepwater Krishna Godavari Block off the Andra coast, India, leaving Oil and Natural Gas Corporation (ONGC) alone on the project.

The withdrawal follows the exit by ONGC’s other partner, Petrobras, from the KG-DWN-98 / 2 deepwater acreage, according to Times of India.

ONGC was to deliver 10% to Statoil and 15% to Petrobras under the farm-out agreements on the block.

ONGC’s chairman RS Sharma was quoted by Times of India as saying that a joint operating agreement did not take place due to delays in government approvals.

While Petrobras and Statoil are withdrawing, BP and Shell have shown interest in the block.