The Union Cabinet today approved a Rs 3,000 crore project to acquire seismic data for prospecting of oil and natural gas reserves. The Cabinet Committee on Economic Affairs chaired by PM Narendra Modi approved a project to acquire 48,243 line kilometer (lKM) 2D seismic data for appraisal of Indian sedimentary basins where limited data is available, an official statement said.
National oil companies Oil and Natural Gas Corp (ONGC) and Oil India ltd will implement the project. “The project will help in increasing the investments in domestic production of oil and gas,” it said, adding OIl will conduct survey in N-E states while the remaining areas would be covered by ONGC.