The Government of Andhra Pradesh and ONGC has recently signed a Memorandum of Understanding (MoU) to take forward all critical Oil and Gas Exploration and Production activities of the Maharatna PSU in the state. The sunrise state of Andhra Pradesh along with its large coastline has some of the most promising hydrocarbon bearing fields. ONGC already has ongoing operational activities through its regional bases at Rajahmundry and Kakinada and engaged in widespread Exploration and production activities.
ONGC is also very aggressively pursuing to put the huge gas reserves it has discovered in KG basin, to production. It plans to invest about Rs 10,000Cr for E & P activities in Onland blocks and about Rs 68,000Cr in Offshore Assets in KG Basin.
The MoU was signed at Visakhapatnam, at the sidelines of Partnership Summit 2017 being held jointly by Andhra Pradesh Government and CII, in august presence of Hon’ble Chief Minister Mr. N. Chandrababu Naidu and Hon’ble Union Minister of State (I/C) Petroleum and Natural Gas Mr. Dharmendra Pradhan. ONGC CMD Mr. Dinesh K Sarraf was also present at this occasion.
As a key initiative and a boast to E&P operations Andhra Pradesh Govt. would be offering a ‘Single Window Service’ through the Office of Commissioner of Industries to facilitate smooth implementation of the projects by ONGC. ONGC on its part would undertake Exploration, Development and Production activities in NELP and Nomination PML Blocks, situated in the State of Andhra Pradesh.