Oil and Petroleum Minister Dharmendra Pradhan has said, Krishna-Godavari, KG Basin will become the hub of oil and gas reserves in the country in the coming years. Talking to reporters in Hyderabad yesterday, he said, KG Basin is likely to attract new investment of 1 lakh crore rupees. Mr Pradhan said, along with investments from ONGC, GSPC and RIL, from this financial year to the next 5-7 financial years, new investment of 1 lakh crore rupees in KG Basin, will create new employment and set up downstream industry. The minister further said, KG Basin has rich hydrocarbon deposits and is amongst the five most challenging oil fields in the world. He said, 'gas hydrates' resources finding has been made in the KG Basin, however there is a need for commercially viable technology to tap it. Mr . Pradhan said, based on the prevalent practice on policy management, gas production in the KG Basin was a big challenge and hence, the government brought out a new pricing and marketing mechanism. The minister added that though ONGC had oil and gas fields since 2000 in KG basin, but there was no production because it was a challenging field and there was no price viability for it.