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May 16, 2007 11:10 IST
The Indian government is planning to spend about Rs 2, 70,000 crore (Rs 2,700 billion) in oil and gas sectors during the Eleventh Plan (2007-12).
During the Tenth Plan, the government had spent around Rs 1, 04,000 crore (Rs 1,040 billion) for energy security in the country.
The private sector oil companies are focusing on exploration and production of hydrocarbon, besides acquiring more oil and gas assets from abroad.
Public sector energy major Oil and Natural Gas Corporation Ltd is also planning to increase its outlay for 2007-12 by over 151 percent.
The company has proposed to spend about Rs 83,000 crore (Rs 830 billion) in 2007-12, a significant jump from Rs 33,000 crore (Rs 330 billion) in the Tenth Plan, official sources said.
Among the other public sector undertakings, Oil India Limited's outlay is expected to go up from Rs 5,000 crore in the Tenth Plan to Rs 10,000 crore in the Eleventh Plan. OIL has been mandated to seek newer areas for intensifying exploration efforts.
ONGC has set a crude production target of 29 million tonne (mt) in 2007-08, about 6 percent higher than 27-mt figure in the previous fiscal, an official of the company said.
The company has committed for natural gas production of 25 billion cubic metres, 14 percent higher than 22 BCM in 2006-07.
In addition, the government is keen on acquiring hydrocarbon assets from abroad for equity oil and equity gas.
ONGC's foreign arm ONGC Videsh is likely to get an outlay of about Rs 60,000 crore (Rs 600 billion) to acquire various oil and gas assets in the Eleventh Plan.
The amount is significant compared to Rs 14,000 crore (Rs 140 billion) allotted in the Tenth Plan, more than a four-fold rise.
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