ONGC'S NEW INVESTMENTS
RAJYA SABHA
Shri Ram Naik, Minister
of Petroleum & Natural Gas, informed the Rajya Sabha today
while replying to a question that the aggregate approved plan
outlay (Budget Estimates) of ONGC with its subsidiary ONGC Videsh
Ltd. (OVL), is Rs. 16,522 crore for the Financial Year 2003-04
to carry out upstream activities in India and abroad. This outlay
is about 33.44 per cent higher as compared to the plan outlay
(B.E.) for the year 2002-03. Out of this, ONGC would be investing
Rs. 10,265 crore in its own activities including exploration projects,
development projects, major increased oil recovery/enhanced oil
recovery projects and other capital activities. The OVL’s components
comes to Rs. 6,257 crore on various overseas projects. Shri Ram
Naik also informed the House about investments by OVL to acquire
interests in oil and gas fields abroad which include Rs. 3,456
crore in Sudan and Rs. 1,094 crore in Vietnam.
Replying to supplementary
questions the Minister informed about the impetus has been given
to enhance oil and gas production in the country by awarding 70
exploration blocks in last years besides 24 more blocks currently
on offer under fourth round of New Exploration Licensing Policy
(NELP-IV). During last year, the domestic production increased
by about 1 million metric tonne (MMT) leading to reduction in
import dependence of crude oil to 69 per cent from about 70 per
cent.
While replying to
another question Shri Naik informed the House that during 2002-03,
ONGC has accreted 40.72 MMT of oil and oil equivalent gas (O+OEG)
of ultimate reserves. The reserve accretion by private/JV companies
during this period was of the order of 109 MMT of O+OEG.
