Oil & Natural Gas Corporation Ltd.

After drilling around 14 wells this year, Oil and Natural Gas Corporation (ONGC) is planning to drill 40 oil and gas wells in the Krishna-Godavari basin next fiscal. In this regard, the company will invest Rs 440 crore. At present, the company is seeking Ministry of Environment and Forests approval for the development of drilling 40 wells.

The onshore wells are located at East Godavari, West Godavari and Krishna Districts of Andhra Pradesh.

ONGC, which has 24 blocks in KG basin, produces about 840 tons of oil per day and 3.8 million metric standard cubic meters per day (mmscd) of gas from its onshore blocks.

ONGC is India's flagship exploration and production company, accounting for 75% of the total proved reserves in India. The company has proved reserves of over 7 billion boe and annual production of around 425 million boe.