AP Emerging as Hub for Oil, Gas Exploration: Centre
Union minister of state for petroleum and natural gas Suresh Gopi said AP has attracted investments of $266.57 million in onshore projects and nearly $18,979 million in offshore projects through joint ventures involving private and foreign players
KAKINADA: Andhra Pradesh is fast emerging as a major hub for oil and gas exploration, with significant investments flowing into both onshore and offshore projects, particularly in the Krishna-Godavari (KG) Basin, Union minister of state for petroleum and natural gas Suresh Gopi told the Rajya Sabha on Monday.
Replying to a question from MP Sana Satish, the minister said Andhra Pradesh has attracted investments of $266.57 million in onshore projects and nearly $18,979 million in offshore projects through joint ventures involving private and foreign players.
He said the KG Basin features several major development projects, including KG-DWN-98/2, which is nearing completion with an expected output of 14 million metric tonnes of oil and 30.5 billion cubic metres of gas. Other active and upcoming fields include Kavitam, Dangeru, Kaza, Bhimanapalli, Palakollu and Surearaopeta, alongside offshore blocks such as the KG-SDSF series (Chandrika, Ravva, GS-21, G3, GS-49, YS-6).
The minister highlighted reforms such as the Hydrocarbon Exploration Licensing Policy (HELP), marketing and pricing freedom for natural gas, and incentives for early monetisation of discoveries, aimed at boosting investor confidence in the sector.