ONGC to invest in KG Basin.

ONGC to invest Rs.40,000 Crores in KG (Krishna-Godavari) Basin.

In a bid to boost the energy scenario in Andhra Pradesh, ONGC, the State-owned oil and gas explorer is making an investment of Rs. 40,000 crore in Krishna-Godavari Basin in the next four years.

ONGC (Oil and Natural Gas) 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. CBN has asked the ONGC officials to expedite the exploration process & ensure significant number of jobs (direct and indirect employment) is provided to locals.

ONGC executives also expressed interest to become partners in Petro University with other stakeholders. ONGC will also invest substantially in Corporate Social Responsibility (CSR) initiatives in Krishna, East and West Godavari districts in partnership with Andhra Pradesh State Skill Development Center.