Oil and Natural Gas Corporation Limited, State-owned oil and gas explorer, will be making an investment of over Rs. 40,000 crore in Krishna-Godavari basin in a phased manner in the next four years.
This was informed to Chief Minister N. Chandrababu Naidu by ONGC Chairmanand Managing Director D.K. Saraf, executive director and other board of directors during a meeting in Hyderabad on Wednesday.
According to an official release 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 would also look into exploration of oil by 2019.
Mr. Chandrababu Naidu The Chief Minister asked the ONGC officials to expedite the exploration process and ensure that substantial jobs, both direct and indirect, were provided to locals. The ONGC executives also told the Chief Minister that they were to keen to be partners in the proposed Petro University with other stakeholders.
The ONGC would also invest substantial amounts in Corporate Social Responsibility (CSR) initiatives in Krishna, East and West Godavari districts in partnership with the Andhra Pradesh State Skill Development Centre.
Secretary (Energy) Ajay Jain and other officials were present at the meeting.
