The import bill for crude during 20002-03 is expected to be higher than Rs 78,000 crore (Rs 780 billion) incurred in 2001-02  due to firming up of global crude prices during the year.

Petroleum Minister Ram Naik said the import bill will be higher as the price of crude have shot from $19-20 per barrel in March 2002 to as high as $34 per barrel in March 2003.

The government is expected to compile the import bill for crude in a couple of days. He said that the average price of crude imported by the country stood at $31 per barrel. Naik was addressing media persons after inaugurating the first Asia Gas Buyers' Summit in Mumbai today.

Comparing the situation during 1991 Iraq conflict, Naik pointed out, "we then faced problems as our foreign exchange was at the lowest. We had to sell our gold to pay crude oil bill. However, this time around have the highest foreign exchange reserves in the country and are in a better position to buy crude", he added.

Naik noted that the price of crude during the past one week has slid down from $34 a barrel to as low as $24 a barrel. "If the same trend continues, the oil companies would take this into account  while reviewing the prices of petrol and diesel during this fortnight", he claimed.

The government will announce the fourth round for new exploration licensing policy and second round under the Coal Bed Methane sometime in April. In the last three years, about  70 blocks were awarded under NELP and eight blocks under the CBM.

The government is closely working with the concerned states to get "their consent to put the exploration blocks under NELP -4," Naik claimed.

In the last one year, there has been seven major discoveries in the country which included the gas find in the Krishna-Godavari basin by Reliance Industries and Niko Resources  as well as Cairn Energy in Gujarat and ONGC's discoveries.

"This all put together would put India in a better marketing position,"Naik claimed.

On the Indo-Iranian gas pipeline, the government has mandated Gas Authority of India and Iranian National Oil Company to work out estimates of setting up a deep-seawater pipeline. However, the minister pointed out that pipeline traversing on land and through the borders of a few countries would raise safety problems.

On the country's contingency plan, the minister said there was no change in the plan from the government. On review of Hydrocarbon 2025, the minister indicated that the government will review the demand-supply figures and make necessary amendments, "if any" from time to time.