India’s state-owned Oil and Natural Gas Corp. Ltd. (ONGC) intends to spend INR 7 billion (approximately USD $105 million) to drill up to 17 shale oil and gas wells located on the country’s east and west coasts, according to local reports.
ONGC has approached the Ministry of Environment and Forests for its approval to prepare the terms of reference for the exploration wells, as per a recent meeting of the Ministry’s Expert Appraisal Committee (EAC).
If the proposal is approved by the government, it will be the first time that ONGC has embarked on shale exploration on such a large scale. The state-owned firm will engage in shale gas exploration in India’s Krishna-Godavari basin – located on India’s east coast – for the first time.