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State-run explorer Oil and Natural Gas Corporation (ONGC) on Wednesday outlined plans to invest up to ₹40,000 crore in the Krishna-Godavari basin, off the Andhra Pradesh coast.
DK Saraf, Chairman and Managing Director, and other senior executives of ONGC, told Andhra Pradesh Chief Minister N Chandrababu Naidu that the company will make the investment in a phased manner over the next four years.
According to a statement from the Chief Minister’s Office, the company aims to extract 25 million standard cubic meters a day of gas in the KG Basin by 2018 and will also look into exploration of oil by 2019.
Naidu has asked ONGC officials to expedite the exploration process and ensure substantial jobs (direct and indirect) to the local people.
ONGC is also keen on being partners in the new Petroleum University coming up in the State, the executives told the Chief Minister.
The company has also outlined plans to invest in corporate social responsibility (CSR) initiatives in Krishna, East and West Godavari districts in partnership with the Andhra Pradesh State Skill Development Centre.
One of its CSR initiatives is partnering with a deep-water skill development centre in Kakinada, in cooperation with Jawaharlal Nehru Technological University, Kakinada.
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