State-run exploration firm Oil and Natural Gas Corporation (ONGC) is preparing the Declaration of Commerciality (DoC) for its deepwater discoveries in the Krishna Godavari Basin.

The company would soon submit the DoC to the Directorate General of Hydrocarbons for approval. A DoC is necessary to develop any discovery. The company is also working on a field development plan.

Some reports indicate that the firm is seeking a partner develop the deep-sea KG-DWN-98/2 block, which is close to Reliance Industries' KG D6 basin, either through joint venture with some foreign firms or by itself.

The block was divided into two areas – North and South. The company is not touching the UD-1 discovery in the block, as yet. It hopes to bring the northern area of the block into production by 2017-18.

The company plans expedite production from its discoveries. Recently, it signed an agreement with RIL to share the latter’s infrastructural facility on the East Coast.

The companies intend to formalise the agreement after conducting a joint study which will be done over the next nine months.