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ONGC to invest `40,000 crore in KG Basin over next 4 years

ONGC to invest `40,000 crore in KG Basin over next 4 years
ONGC on Wednesday said it would 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 here.

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, it 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.

Oil and Natural Gas Corporation Ltd (ONGC) has secured the Maharatna of the Year Award at the Dalal Street Investment Journal (DSIJ) Public Sector Undertaking Awards.

The country’s national oil and gas exploration and production company won the award in the ‘Non-Manufacturing’ category.

Oil and Natural Gas Corporation Director (Human Resources) Desh Deepak Misra received award from the Railways Minister Suresh Prabhu at New Delhi in the presence of Minister of State (Independent Charge) V K Singh, Department of Public Sector Enterprises (DPE) Secretary K D Tripathi, several industry leaders, and managing directors of various top public sector enterprises.

The Dalal Street Investment Journal Public Sector Undertaking Awards are based on an assessment of financial performance parameters of all PSUs, using a model vetted by KPMG.

It is one of the most eagerly awaited events, at which India’s leading public sector enterprises are felicitated and awarded for their performance under various categories such as productivity, efficiency, efficacy, profitability, corporate social responsibility.

The selection process is transparent and carried out by a highly trusted research team, with industry leaders as jury members.
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