ONGC to invest Rs. 40,000 cr in K-G basin in four years.

State-owned oil and gas explorer ONGC is making an investment of Rs. 40,000 crore in the Krishna-Godavari basin in a phased manner in the next four years.

ONGC chief executive officer and managing director, DK Saraf, informed this to Andhra Pradesh chief minister N Chandrababu Naidu recently.

Saraf, according to an official press release, told the chief minister that ONGC aimed to extract 25 million standard cubic metres per day (mmscmd) of gas in the K-G basin by 2018 and will also look into exploration of oil by 2019.

The chief minister asked the ONGC officials to expedite the exploration process and provide substantial number of jobs to local people. The ONGC executives informed the chief minister that they are keen on being partners in the proposed Petro University in the state.

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