|ONGC CMD Sarraf|
STATE-owned oil major Oil and Natural Gas (ONGC) will invest Rs 40,000 crore in Krishna-Godavari Basin in a phased manner over the next four years.
ONGC chairman and managing director D K Sarraf informed this to Andhra Pradesh Chief Minister N Chandrababu Naidu in Hyderabad.
"Sarraf, who was accompanied by senior company executives, told Naidu that the state-owned oil and gas explorer aims to extract 25 million standard cubic meters per day (mmscmd) gas in KG Basin by 2018 and would also look into the exploration of oil by 2019", Andhra Pradesh government said in a statement.
"The Chief Minister asked the ONGC officials to expedite the exploration process and ensure that substantial number of jobs (direct and indirect employment) are provided to locals", the statement added said.
The ONGC executives informed the chief minister...that they are keen on being partners in Petro University with other stakeholders, proposed in the state.
"ONGC would also invest "substantial amount" in Corporate Social Responsibility (CSR) initiatives in Krishna, East and West Godavari districts in partnership with Andhra Pradesh State Skill Development Centre", the statement said.
One of their CSR initiatives includes partnering with deep-water skill development centre in Kakinada, in cooperation with JNTU Kakinada.
Secretary (Energy) Ajay Jain and other officials also attended the meeting.
ONGC, the multinational Maharatna PSU has a sizeable presence in the South. The country's flagship energy major is engaged in exploration and production of oil and gas in India and abroad.A global player in energy, it contributes about 69 percent of India’s domestic oil and gas production. Currently, ONGC through its subsidiary ONGC Videsh Ltd., is India’s largest transnational corporate with overseas investment of over $10 billion in 16 countries.