KG Basin to attract Rs 1 Lakh Crore investment: Oil Minister

Investment

Oil Minister Dharmendra Pradhan said gas hydrate resource finding has been made in the KG Basin, though there is a need for commercially viable technology to tap it.

Hyderabad: pointing out that Krishna-Godavari Basin becomes the hub of oil and gasoline reserves in the united states in the coming years, Oil Minister Dharmendra Pradhan on Sunday stated it is possibly to draw new investments of Rs 1 lakh crore.

“in conjunction with investments from ONGC, GSPC and RIL, from this economic year to the next five-7 economic years, i’m visualising new funding of Rs 1 lakh crore in Krishna-Godavari Basin, growing new employment and putting in place downstream enterprise,” Mr Pradhan advised reporters here.

“India’s east coast, mainly Krishna-Godavari Basin has rich hydrocarbon deposits. even though there may be a difference when in comparison to Mumbai high, wherein oil and gasoline is available at a depth of a hundred to 200 meters while in east coast, the identical is to be had at a depth of two,000 to 3,000 meters,” he pointed out.

there is lot of differentiation over production charges and technology between Mumbai and the East Coast, he stated.

“the day gone by, I reviewed ONGC wells and some are dug as much as five,000 meters intensity; the temperature is 480 degree Celsius. KG basin is among the 5 maximum challenging oil fields in the global,” he stated.

He in addition said gas hydrate resource finding has been made within the KG Basin, even though there’s a want for commercially possible generation to tap it.

“We want to spend money on era for tapping them (gasoline hydrates). primarily based on initial estimates of scientists, if we’re able to begin manufacturing of gas hydrates, this may upload a new measurement to India’s economy.”

“inside the coming years, KG Basin is about to grow to be the new hub of oil and gas reserves inside the u . s .,” he said.

“based totally on the usual practice on policy control, gas production (within the KG Basin) became a large undertaking and therefore, we delivered out a new pricing and advertising mechanism. even though ONGC had oil and fuel fields since 2000 in KG basin, but there was no manufacturing because it became a difficult discipline and there was no fee viability for it,” the minister added.

Written by Srijita