State owned Oil and Natural Gas Corporation plans to invest ten billion US Dollars in production and exploration of gas in the East Coast. Director, Exploration of ONGC D.K. Panda said in New Delhi that the Corporation is aiming to develop finds in Krishna Godhavari basin. He added that the block has now ten gas discoveries. The corporation is in discussion with various energy companies for a strategic tie-up for developing these KG Basin discoveries.Meanwhile, a prominent British Energy firm today pledged to invest five million US Dollars in India in the next five years in the Oil and Natural Gas business. Talking to reporters on the sidelines of the biennial conference of Petroleum Products Producers and other stake holders in New Delhi the Company's India head Walter Simpson said that the Company is looking to invest in both up and down stream opportunity in India. In a related development the promoters of Prize Petroleum Company of Hindustan Petroleum Corporation have decided to sell fifty per cent of their stake to a strategic investor.Nigeria today indicated that it will not press for a deadline as it is happy with the work of ONGC-Mittal combine. Addressing the session in New Delhi , Special Advisor to Nigerian President Emmanuel O Egbogah said that the combine has signed an agreement which provides for six billion US Dollars investment in Nigerian in Oil and Natural Gas sector.Iran's prominent energy company, which has offered 40 per cent stake to ONGC and Hinduja Group, has given one year's time to the combine to decide on participation in the 7.5 billion US Dollar gas field in the Persian gulf.The Company today offered ten per cent stake in a gas field to Venezuela's state owned oil firm. Our correspondent reports, many tie-ups are being finalised between the oil marketing and producing companies besides those providing infrastructure in the three-day conclave inaugurated by the Prime Minister Dr Manmohan Singh yesterday. About four thousand delegates from India and abroad including CEOs of top oil companies and energy experts are participating in the conclave.