KG basin braces for $30 bn investment

    Krishna-Godavari basin
    The prolific Krishna-Godavari basin, which has large gas fields of ONGC, Bharat Petroleum and Reliance Industries, will see investment of $30 billion in the next decade and will significantly boost output and help the region emerge as a petroleum hub that rivals Houston, Oil Minister Dharmendra Pradhan said, elaborating that the targeted investment would leverage this to turn east coast into a petroleum manufacturing hub. Successful development of the gas fields can help boost India's natural gas output that has been falling for years. This is a trend and it will continue to rise as currently India produces about 8,090 million metric standard cubic meters per day (mmscmd). By 2020-21, it will rise to 120 mmscmd. In addition, India also plans to invest heavily in refining sector. In the next 7-8 years would add about 150 million tonnes (mt) per annum of refining capacity to the existing 230 mt, he added.
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