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Business Standard
6 days ago
- Business
- Business Standard
ONGC to invest ₹4,600 crore to drill 10 wells, other infra in KG Basin
The oil and gas major ONGC will be investing over ₹4,600 crore to drill 10 development wells, to set up two unmanned platforms, to lay an offshore pipeline, and to establish an onshore gas processing facility in Konaseema District of Andhra Pradesh. Oil and Natural Gas Corporation Limited (ONGC) has approached the Ministry of Environment and Forests seeking fresh environmental clearance for the proposed project, an Experts Appraisal Committee (EAC) under the ministry said in the minutes of its meeting held on July 24. Letter of Award (LOA) for Offshore Oil and Gas Contract areas KG/OSDSF/CHANDRIKA/2021 (Chandrika) comprising an area 697 sq km and KG/OSDSF/GS49/2021 (GS49) comprising an area of 148 sq km in East coast were issued by Director General of Hydrocarbons in September 2022 under under DSF-III (Discovered Small Field-III). "Total land area required is 26.3 hectares (Odalarevu Terminal) for the proposed installation. Greenbelt will be developed in a total area of 8.7 hectares, i.e., 33 per cent of total project area. The estimated project cost is ₹4,606.35 crores," EAC said. "Capital cost of EMP (Environmental Management Plan) would be ₹14 crores and recurring cost for EMP would be ₹3 Crores per annum. Industry proposes to allocate ₹14 Crores towards Extended EMP (Corporate Environment Responsibility), the EAC has added. A development well is drilled in a proven area to produce oil or gas. These wells are drilled after exploration and appraisal drilling have confirmed the presence of commercially viable reserves. The project is expected to generate direct employment to 150 people and 310 indirect jobs. The proposal was earlier considered by the EAC in its meeting held during in February this year wherein the panel deferred the proposal and desired certain requisite information/inputs from the ONGC. The EAC in the latest meeting deferred the proposal seeking some more information. The Committee, among others, advised the PSU to conduct a comprehensive biodiversity assessment to evaluate the impact of drilling activities and to prepare an environmental restoration action plan, with a dedicated budgetary allocation for its implementation. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Economic Times
6 days ago
- Business
- Economic Times
ONGC to invest Rs 4,600 cr to drill 10 development wells, other infra in KG Basin, Andhra Pradesh
Synopsis ONGC plans to invest over Rs 4,600 crore in Andhra Pradesh's Konaseema District for oil and gas development, including drilling wells and establishing processing facilities. The project requires environmental clearance, with the EAC requesting a biodiversity assessment and restoration plan. This initiative is expected to create direct and indirect employment opportunities. Oil and Natural Gas Corporation Limited (ONGC) State-owned ONGC will invest over Rs 4,600 crore to drill 10 development wells, set up two unmanned platforms, lay an offshore pipeline, and establish an onshore gas processing facility in Konaseema District of Andhra Pradesh. Oil and Natural Gas Corporation Limited (ONGC) has approached the Ministry of Environment and Forests seeking fresh environmental clearance for the proposed project, as per minutes of the meeting dated July 24 shared by the Experts Appraisal Committee (EAC) under the ministry. Letter of Award (LOA) for Offshore Oil and Gas Contract areas, comprising an area 697 sq km and a separate area of 148 sq km in East coast were issued by the Director General of Hydrocarbons in September 2022 under DSF-III (Discovered Small Field-III)."Total land area required is 26.3 hectares (Odalarevu Terminal) for the proposed installation. Greenbelt will be developed in a total area of 8.7 hectares, i.e., 33% of total project area. The estimated project cost is Rs. 4,606.35 crores," EAC said. "Capital cost of EMP (Environmental Management Plan) would be Rs. 14 crores and recurring cost for EMP would be Rs. 3 Crores per annum. Industry proposes to allocate Rs. 14 Crores towards Extended EMP (Corporate Environment Responsibility)," the EAC added in the statement. A development well is drilled in a proven area to extract oil or gas, following exploration and appraisal drilling that confirm commercially viable reserves. The project is expected to create 150 direct jobs and 310 indirect jobs. The proposal was earlier reviewed by the EAC in its February 2025 meeting, wherein the panel deferred its approval, seeking certain requisite information and inputs from ONGC. In its latest meeting, the EAC again deferred the proposal, asking for additional Committee, among other recommendations, advised the PSU to 'conduct a comprehensive biodiversity assessment to evaluate the impact of drilling activities' and to 'prepare an environmental restoration action plan, with a dedicated budgetary allocation for its implementation.' (With inputs from PTI)
