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ONGC to Invest Rs 46bn to Drill Wells and Develop Other Infra in KG Basin

State-owned ONGC will invest over Rs 46 billion 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 the Experts Appraisal Committee (EAC) under the ministry.

Letter of Award (LOA) for Offshore Oil and Gas Contract areas, comprising an area of 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. 46.0635 billion," EAC said.

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