Oil PSUs to invest Rs.2.3 tn during 11th planMarch 4th, 2008 - 11:38 pm ICT by admin
New Delhi, March 4 (IANS) The government has approved an investment plan of Rs.2.3 trillion ($57.3 billion) for the state-owned oil and gas companies in the 11th Five-Year Plan (2007-12), minister of state for petroleum Dinsha Patel said here Tuesday. Speaking in the Rajya Sabha, the minister said: “The approved outlay for all oil PSUs (public sector units) in the current plan is Rs.2.3 trillion.”
“With the proposed investment, the Oil PSUs would undertake all activities in the oil and gas sector including exploration and production and refining and marketing. This would help in meeting the growing energy needs of the Indian economy,” he said.
“By the end of the 11th plan, the domestic crude oil production is estimated to increase to 206.76 million tonnes from the previous plan production of 166.56 million tonnes,” Patel said.
“In the same period, domestic natural gas production is estimated at 255.76 billion cubic metres (BCM), as compared to 158.86 BCM in the preceding plan,” he added.
“In the current plan, the production of crude oil and natural gas from overseas sources is targeted to be 35.51 million tonne and 9.67 BCM respectively.”
“The refining capacity is projected to go up to 240.96 million tonnes per annum (MTPA) in the terminal year of the current plan as against 148.97 MTPA at the end of the last Plan,” said the minister.
“In fact, the country is expected to have surplus refining capacity of about 108 MTPA by the end of 11th plan,” he told the house.
- India's energy consumption to double by 2031: Study - Jul 25, 2012
- Oil marketing companies face Rs.2 lakh crore debt burden - Apr 21, 2011
- India's oil refining capacity to rise to 238 mn tonnes by 2013 - Dec 05, 2011
- No tanker shortage to ship Iranian crude: MRPL - Mar 21, 2012
- India seeks more crude oil imports from Nigeria - Mar 16, 2011
- India to step up oil, gas imports from Africa - Dec 09, 2011
- India seeks more oil, gas from Nigeria - Aug 15, 2011
- OMCs to invest Rs.1,500 crore for LPG supply in Karnataka - Jul 02, 2010
- Companies asked to adopt corporate environmental policy - Apr 28, 2011
- ONGC board approves cluster development of four marginal fields in Western Offshore - Jul 01, 2010
- Chennai Petroleum plans 9 million tonne refinery - May 18, 2010
- ONGC Videsh targets 20 mn tonnes output by 2020 - Aug 18, 2011
- Essar Oil completes expansion of Vadinar refinery - Mar 29, 2012
- Naphtha cracker project at Indian Oil's Panipat complex dedicated to nation - Feb 15, 2011
- Coal shortage could hit hard power projects - Oct 09, 2011
Tags: crude oil production, cubic metres, domestic natural gas, exploration and production, gas sector, indian economy, investment plan, minister of state, mtpa, natural gas production, oil and gas, oil and gas companies, outlay, overseas sources, production of crude oil, public sector units, rajya sabha, tonne, tonnes, trillion