Oil and Natural Gas Corporation (ONGC) is set to drill for oil and natural gas from the Kerala-Konkan basin(off Kochi coast ). According to the experts this will be a major leap for oil and gas exploration in the country.
ONGC engaged a rig from Reliance that could drill up to 6,000 meters. It is now positioned around 120 nautical miles off the Kochi coast.There is widespread belief that the Kochi basin is an abundant source of natural gas and oil.
Ending years of search, Oil and Natural Gas Corporation is about to start major oil drilling off Kochi. started exploration in the region around two years ago. It was in December 2008 that presence of hydrocarbons in the area became clear and the corporation started serious discovery efforts.Most of the preliminary exploratory drilling confirmed the presence of hydro-carbon, carbohydrate and other chemicals.
It is believed that Kerala’s economy will get a shot in the arm if the drilling results in substantial oil and gas yield.South India especially Kerala and Kochi will witness a economy revolution.