This announcement was made by ONGC chairman and managing director Subir Raha during a PSC signing ceremony. According to Raha, the actual amount is closer to around US$1,003 million with ONGC coughing up the lion's share to the tune of US$890 million.

However, according to Raha, the second and third phases of the prospecting program will only be conducted should there be sufficient quantities of oil and gas discovered in phase one of the operation. The consortium "may decide to abandon any block and not make further investment if commercial quantities of oil and gas are not discovered" said Raha.

To that extent, the consortium is committed to investing around US$412 million on phase one. Out of this amount, ONGC will cough up around US$360 million.