According to reports, the Oil and Natural Gas Corporation (ONGC) is contemplating putting buying stakes in power sector – hydro, solar, hydel and nuclear – and plans are afoot to double the oil and gas production in India by 2030, its chairman and managing director Sudhir Vasudev has said.
Launching the production operations from the first onshore marginal gas fields in Krishna-Godavari Basin at Ponnamanda on Thursday, he said the ONGC has 110 marginal fields across India, a few of which were allotted to private parties. Five marginal fields were given to KEI-RSOS Petroleum and Energy Limited, a part of the KEI Group in Krishna-Godavari Basin. They waited for a period of seven years for the production of gas. Under phase-I, about 65,000 cubic metres of gas will be produced per day from these wells. All clearances were given to the group relating to the operations. Investing in gas fields will benefit the entrepreneurs in view of the demand for gas in the country, he explained.
ONGC Rajahmundry Asset group general manager P Krishna Rao said that the per-day gas production is 35 lakh cubic metres and 900 metric tonnes of oil currently, and added that hydrocarbons located in Mukkamnala, Magatapalli, Bantumilli will soon be allotted to private parties. KEI-RSOS Petroleum and Energy Limited managing director Lt Jasti Murthi thanked the ONGC for giving an opportunity.