ONGC plans Rs 12,000-cr investment in Andhra

In a bid to enhance gas production from its finds in the Krishna-Godavari (KG) basin, Oil and Natural Gas Corporation (ONGC) has planned to invest Rs 12,000 crore in constructing two units in Andhra Pradesh. ONGC plans to set up an integrated offshore supply base-cum-processing unit near Kona coast in the east Godavari district and also develop an onshore terminal at Odalarevu or Boppavaram, to receive and process natural gas from its deepwater finds.

The offshore supply base is expected to boost ONGC’s exploration and production (E&P) efforts on the east coast. ONGC has struck oil and gas in its offshore exploration programme in the Krishna-Godavari basin and it has an aggressive drilling plan which is firm at least for the next 5 years. ONGC has asked the AP government to grant it 500 acres of land.