ONGC To Infuse $5 Bn In KG Basin

Oil exploration giant ONGC targets to produce 25 million cubic meters of gas per day from eastern offshore Krishna Godavari (KG) fields. This is more than double its earlier production estimate of 12 million cubic meters of gas per day from KG basin by 2012 putting in-place reserves in the region at 6 trillion cubic feet. ONGC is planning to invest over $5 billion on gas exploration and production from the KG basin. But the company is optimistic with a strategy in place to handle this problem. But like any other public sector undertaking another serious issue that the company is grappling with is the shortage of manpower for critical activities like drilling and simulation and also high attrition rate.