Krishna Godavari basin Or KG Basin, on the East coast of Andhra Pradesh and adjoining areas in Bay of Bengal, has the largest reserves of hydrocarbons both offshore and onshore, in shallow & deep waters. This is the transitional margin area with an estimated reserves of 100 trillion cubic ft of oil and shale gas reserves that translate into more than INR 10 lakh crore or $150 billion. This changes the socioeconomic picture of the region. KG is considered to be the largest gas basin in India. It’s onshore and offshore area covers upto 40,000 sq Km.
If the figures provided by various petrochemical companies playing a major role in exploring and drilling in the region are right, this will change the energy supply and economics of the state and the country. This should make the country self-sufficient in energy sector.
Initial exploration was started in 1959 by the state owned ONGC, it’s first discovery of oil being in Razole in the year 1980. . GSFC, Reliance, Cairn and others joined later. Reliance’s deep water exploratory block D-6 announced the discovery of biggest gas reserve. This caught worldwide attention.
With investments announced by different players tuning to billions of dollars, more economic boost is expected. ONGC alone has announced $ 5 billion in capital expenditure. The propulsion of employment and economy in the region will be significant.
Exploration is extended from Kakinada to Machilipatnam . Ravva, Narsapur, Gadimogga, Razole, Mandapeta are some of the areas where exploration wells are located. This region is the home to an OLIVE RIDLEY turtles, a vulnerable species. This is the major nesting ground for them.
The negative impact of the exploration to the region in short & long term is noteworthy. This strips the vegetation, destruction to the wildlife, soil erosion, release of gases like Methane into the atmosphere, exposure to contaminants, potable water depletion in the water tables, dust, noise etc. If the waste & hazard management is not accurate, the disaster will be beyond imagination and control.