ONGC to invest Rs.40K-cr in phased manner in KG Basin
In an attempt to boost the energy might of Andhra Pradesh, ONGC Chairman and Managing Director (CMD) D.K. Saraf, executive director and other board of directors informed Chief Minister Sri N. Chandrababu Naidu today that the state-owned oil and gas explorer is making an investment of Rs40,000 crore in Krishna-Godavari Basin in a phased manner in the next four years.
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) are provided to locals.
The ONGC executives informed the Chief Minister that they are keen on being partners in Petro University with other stakeholders.
The oil and gas explorer will also 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 cooperation with JNTU Kakinada.
Secretary (Energy) Ajay Jain and other officials were present at the meeting.