Ongc Plans Rs. 40,000 Cr Investment In Kg Basin

[phani41]

HYDERABAD, MARCH 25:  

 

 

ONGC Limited today outlined their plans to invest up to Rs. 40,000 crore in a phased manner in the Krishna- Godavari basin towards providing a boost to the energy sector.

D.K. Saraf, ONGC Chief Executive Officer and Managing Director, other senior executives from ONGC informed Andhra Pradesh Chief Minister N. Chandrababu Naidu today that the oil and gas explorer is making an investment of Rs. 40,000 crore in Krishna-Godavari Basin in a phased manner in the next four years.

According to a statement from the Chief Minister’s Office, the ONGC CEO informed the Chief Minister that the company aims to extract 25 million standard cubic meters per day (mmscmd) of gas in KG Basin by 2018 and will also look into exploration of oil by 2019.

The Chief Minister asked the ONGC officials to expedite the exploration process and ensure substantial jobs (direct and indirect employment) to local people.

The ONGC executives informed the Chief Minister that they are keen on being partners in the Petroleum University with other stakeholders.

The oil and gas explorer outlined its intent to invest substantial amounts in Corporate Social Responsibility (CSR) initiatives in Krishna, East and West Godavari districts in partnership with Andhra Pradesh State Skill Development Centre.

One of their CSR initiatives includes partnering with deep-water skill development centre in Kakinada, in co-operation with JNTU Kakinada.