State-owned ONGC is planning to explore as many as 17 shale gas and oil wells in both east and west coasts. In this regard, the company will invest around Rs 700 crore.
This is the first time that the oil and gas company has taken up shale gas exploration in such a big scale. Also, it is the first time that the company has taken up shale gas exploration in the Krishna-Godavari basin.
Further, ONGC sought permission for drilling 11 exploratory wells for shale oil/shale gas in Cambay basin at Mehsana, Ahmedabad and Bharuch districts of Gujarat, one well in Cauvery basin at Nagapattinam in Tamil Nadu and five wells in KG Basin at East and West Godavari districts of Andhra Pradesh.
ONGC is India's largest government-run corporation and produces about 70% of India's crude oil and natural gas. The corporation is the biggest public sector commercial organization in India with current market capitalization of about $31 billion.
