State-run Oil and Natural Gas Corporation (ONGC) has sought Ministry of Environment and Forest’s (MoEF) permission for drilling 24 development wells and to establish production facility in Krishna-Godavari basin. The company is planning to start the drilling work in 2015 after the permission, as the oil and gas major has completely deployed its entire rigs in the KG Basin.
ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.
