Gas worth $50 bn found in Krishna Godavari basin
Agencies/ Ahmedabad , The Pioneer
In the biggest ever discovery of its kind in the country, an estimated reserves of 20 Trillion Cubic Feet (TCF) gas worth $50 billion was found from a drilling block in Krishna-Godavari basin by Gujarat State Petroleum Corporation (GSPC), Chief Minister Narendra Modi announced in Ahmedabad on Saturday.
Dedicating the project, now named 'Deen Dayal' to the nation, Modi told reporters that this natural gas find made 10 days ago was worth Rs two lakh crores after an investment of Rs 250 crores was made.
He said the money generated from this project would be put into education of children living Below the Poverty Line (BPL).
"This discovery will almost double the current gas production of the nation and the state government's priority would be to begin its commercial production and sell at the earliest," Modi said.
The GSPC discovered the gas in the KG#8 block, located six kms away from the shore of the Yanam-Kakinada coast of Andhra Pradesh after drilling upto 5061 mts at a temperature of 400 degrees Fahrenheit, a feat that Modi said was the first ever in the country.