The Andhra Pradesh state-owned oil and gas explorer ONGC is mulling to invest Rs 40,000 crore in Krishna-Godavari Basin in the next four years to augment oil exploration and also building infrastructure for gas based power industries in the region.

This was disclosed by the ONGC CEO and Managing Director D.K. Saraf during a meeting with AP CM Chandrababu Naidu on Wednesday that the  company aims to extract 25 million standard cubic meters per day (mmscmd) of gas in KG Basin by 2018 and will also look into exploration of oil by 2019.

The ONGC CEO also informed the CM that they are keen on being partners in Petro University in AP and that ONGC will make substantial investments in the CSR activities in the Krishna, East and West Godavari districts and also partner with AP in the Skill Development activity. "ONGC will set up a deep-water skill development centre in Kakinada, in cooperation with JNTU Kakinada." he said.