ONGC to invest Rs.40,000 crore in KG basin

State-owned Oil and Natural Gas Corporation (ONGC) will invest Rs.40,000 crore in Krishna-Godavari (KG) basin in the next four years, its CEO and MD D.K.Saraf told Andhra Pradesh Chief Minister N. Chandrababu Naidu on Tuesday.

The state-owned oil and gas explorer will make the investment in a phased manner.

Saraf told Naidu that the company 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.

According to a statement from the chief minister's office, Naidu asked the ONGC officials to expedite the exploration process and ensure substantial jobs are provided to locals.

The ONGC executives also said that they are keen on being partners in Petro University with other stakeholders.

It will also invest substantial amounts in corporate social responsibility (CSR) initiatives in Krishna, East and West Godavari districts in partnership with Andhra Pradesh State Skill Development Centre.

One of their CSR initiatives includes partnering with deep-water skill development centre in Kakinada, in cooperation with JNTU Kakinada.