The Chief Minister asked the ONGC officials to expedite the exploration process and ensure that substantial number of jobs (direct and indirect employment) are provided to locals, it said.
ONGC on Wednesday said it would invest Rs 40,000 crore in Krishna-Godavari Basin in a phased manner over the next four years.
ONGC Chairman and Managing Director D K Sarraf informed this to Andhra Pradesh Chief Minister N Chandrababu Naidu. Sarraf, who was accompanied by senior company executives, told Naidu that the state-owned oil and gas explorer aims to extract 25 million standard cubic meters per day (mmscmd) gas in KG Basin by 2018 and would also look into the exploration of oil by 2019, Andhra Pradesh government said in a statement.
The Chief Minister asked the ONGC officials to expedite the exploration process and ensure that substantial number of jobs (direct and indirect employment) are provided to locals, it said.
The ONGC executives informed the Chief Minister that they are keen on being partners in Petro University with other stakeholders, proposed in the state.
ONGC would also invest "substantial amount" in Corporate Social Responsibility (CSR) initiatives in Krishna, East and West Godavari districts in partnership with Andhra Pradesh State Skill Development Centre, the statement said.
One of their CSR initiatives includes partnering with deep-water skill development centre in Kakinada, in cooperation with JNTU Kakinada. Secretary (Energy) Ajay Jain and other officials were present at the meeting.
ONGC stock price
On March 25, 2015, Oil and Natural Gas Corporation closed at Rs 309.65, down Rs 4.35, or 1.39 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 306.60.
The company's trailing 12-month (TTM) EPS was at Rs 21.84 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 14.18. The latest book value of the company is Rs 159.81 per share. At current value, the price-to-book value of the company is 1.94.
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