Gujarat Chief minister Narendra Modi today announced the country’s biggest-ever find of natural gas — 20 trillion cubic feet (TCF) worth Rs 2 lakh crore ($50 bn) — in the Krishna-Godavari basin in Andhra Pradesh.The discovery was made by the Gujarat State Petroleum Corporation Ltd (GSPCL) recently at the KG-8 well, six kilometres off Andhra’s Yanam-Kakinada coast.Dedicating project ‘‘Deen Dayal’’ to the nation at a media briefing, Modi termed the development ‘‘a historical moment for the entire hydrocarbon sector in the country’’ which will almost double the nation’s gas production.The discovery was made at a depth of 5,061 meters on the basis of advanced interpretation of 3D seismic data and wireline log data. The GSPCL has worked in extreme conditions—a pressure of 14,000 pounds per square inch and a temperature of 400 degrees fahrenheit.The Gujarat government, Modi said, has decided to invest an additional Rs 1,500 crore for further development of the field and will continue the exploration activities in the KG block.The GSPCL — which has spent over Rs 250 crore on the drilling operations and had beaten heavyweights like ONGC and Reliance to get the contract — is also planning to come out with an IPO in near future, Modi said. This is the third well drilled by GSPCL in the Krishna-Godavari basin since July 31, 2004.
