ONGC to invest 40,000 crore rupees in Krishna Godavari basin in Andhra Pradesh

ONGC to invest 40,000 crore rupees in Krishna Godavari basin in Andhra Pradesh

2015-03-26 Posted By:Infra Bazaar

Oil and Natural Gas Commission, ONGC, has said that it will invest 40,000 crore rupees in KG Basin to extract 25 million standard cubic meters of gas a day. ONGC Chairman and Managing Director, D.K. Sarraf told the investment plans to Chief Minister of Andhra Pradesh, Chandra Babu Naidu.

D.K. Sarraf, accompanied by other top officials in ONGC, informed Naidu that ONGC will be extracting 25 million standard cubic meters of gas per day by 2018, and will look into oil exploration in the region by 2019.

Mr. Naidu has asked ONGC to speed up the exploration process, and requested the management to ensure good number of jobs to the locals.

ONGC has shown interest to partner with state government of Andhra Pradesh in setting up the proposed petro university along with the other stake holders.

ONGC will also invest a good amount of money as a part of its corporate social responsibility (CSR) to support skill development programs of Andhra Pradesh, particularly in the districts of Krishna, East Godavari and West Godavari.