A huge natural gas reserve, estimated to be worth Rs 2,00,000 crore ($50 billion), has been found in the Krishna-Godavari (KG) basin by Gujarat State Petroleum Corporation (GSPC), according to Gujarat Chief Minister Narendra Modi.The initial testing results have indicated presence of an estimated 20 trillion cubic feet (TCF) of natural gas, Modi told reporters here today.The discovery would almost double the current gas production in the country, Modi said, and added that GSPC's priority now would be to get the gas for commercial production."GSPC starting drilling operations on July 31, 2004, and has spent Rs 250 crore," Modi said.The well, located six kms away from the shore of Yansm Kakinada coast of Andhra Pradesh, was spudded on January 17, 2005 and drilled up to 5061 mts (5.06 kms) at a temperature of 400 degree Farenheit.Naming the project 'Deen Dayal' (saviour of the poor), Modi said the state government would invest an additional Rs 1,500 crore for further development of the field.
