Online edition of India's National Newspaper
Tuesday, Aug 22, 2006
Online edition of India's National Newspaper Tuesday, Aug 22, 2006 |
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Special Correspondent
NEW DEHI: The Oil and Natural Gas Corporation (ONGC) plans a steep rise in investments during the eleventh plan period both for oil and gas exploration and production as well as on acquiring hydrocarbons properties abroad. The total investments are pegged at over Rs. 130,000 crore for 2007-12. According to the ONGC chairman R. S. Sharma, expenditure on domestic oil and gas exploration and production will rise by 56 per cent to over Rs. 80,000 crore in 2007-12 as against Rs. 51,299 crore in the current Plan period. Roughly Rs. 50,000 crore has been allocated for acquiring oil and gas properties abroad as against only Rs. 13,500 crore in the Tenth Plan. In addition, expansion of MRPL capacity to 15 million tonnes from 9.69 million tonnes annually is now expected to cost Rs. 8,000 crore.
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