ONGC sees Andhra Pradesh as a hydrocarbon rich state. “ONGC is very aggressively pursuing to put the huge gas reserves it has discovered in KG basin, to production. It plans to invest about Rs10,000 crore for exploration and production activities in onland blocks and about Rs68,000 crore in offshore assets in the KG Basin,” said a company statement. As per the deal, the state government will assist ONGC in taking over land and in obtaining other statutory clearances. Also read: Andhra Pradesh investment summit sees 665 MoUs worth over Rs10.5 trillionAll state-owned oil and gas companies together have planned an investment of Rs1.43 trillion in Andhra Pradesh, the statement said quoting oil minister Dharmendra Pradhan who was present on the occasion.

Source: Mint January 28, 2017 15:25 UTC