New Delhi [India], Sep 12 (ANI): The Union Government on Tuesday gave its approval for a significant project to acquire 48,243 line Kilometer 2D seismic data for appraisal of Indian sedimentary basins.
The total estimated cost of the entire project is Rs. 2,932.99 crore spread over five years and the entire project is likely to be completed by 2019-20.
The project will help in increasing the investments in domestic production of oil and gas.
Companies like the Oil India Limited (OIL) and the Oil and Natural Gas Corporation (ONGC) will implement the project.
The OIL will conduct survey in North - Eastern States while remaining area will be covered by ONGC.
Survey work will be carried out in 24 States.
Initially National Oil Companies (NOCs) are meeting the fund requirement from their own sources, which will be reimbursed by the Government.
Directorate General of Hydrocarbons is monitoring the project and reviewing the progress on monthly basis.
The project involves engagement of large number of workers at local level where work is to be executed.
This is likely to generate direct as well as indirect employment for about 11,000 people in the form of skilled and unskilled workers and suppliers for support services.
After the appraisal of these basins, based on the prospectivity of the area, blocks will be offered for further exploration and production activities, which will further generate employment.
India has 26 sedimentary basins covering an area of 3.14 Million Sq Km spread over inland, shallow water and deep water. (ANI)