ONGC to Invest ₹4,600 Crore in KG Basin Development Project.

Oil and gas giant ONGC (Oil and Natural Gas Corporation Limited) is set to invest over ₹4,600 crore in a new development project in the Konaseema District of Andhra Pradesh. The project will include drilling 10 development wells, building two unmanned platforms, laying an offshore pipeline, and establishing a new onshore gas processing facility.

According to minutes from a July 24 meeting of the Expert Appraisal Committee (EAC) under the Ministry of Environment and Forests, ONGC has submitted a request for fresh environmental clearance for the project.

The development is linked to the DSF-III (Discovered Small Field-III) contract areas, for which Letters of Award were issued by the Director General of Hydrocarbons in September 2022. The project covers two key offshore blocks: KG/OSDSF/CHANDRIKA/2021 (Chandrika), spanning 697 square kilometers, and KG/OSDSF/GS49/2021 (GS49), covering 148 square kilometers on the East Coast. This substantial investment highlights ONGC’s commitment to expanding its exploration and production activities in the region.