Oil PSUs to invest Rs Rs 57,475 cr this fiscal

ONGC will invest Rs 20,867.58 crore in 2009-10 fiscal,while IOC has planned Rs 11,561 crore.

State-run oil firms,including Oil and Natural Gas Corp (ONGC) and Indian Oil Corp (IOC),will invest Rs 57,475 crore during current fiscal,Minister of State for Petroleum and Natural Gas Jitin Prasada said on Thursday.

In a written reply to a question in Lok Sabha,Prasada said ONGC will invest Rs 20,867.58 crore in 2009-10 fiscal,while IOC has planned expenditure of Rs 11,561 crore.

ONGC Videsh Ltd,the overseas investment arm of the state explorer,would invest an additional Rs 9,365.06 crore this year.

Gas utility Gail has planned capital expenditure of Rs 5,558 crore mostly in expanding its natural gas pipeline network.

Refiners Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) have budgeted Rs 3,348.70 crore and Rs 1,390 crore respectively. Oil India Ltd,the nation’s second biggest state-run explorer,has planned an investment of Rs 2,276.31 crore.

Besides,Mangalore Refinery and Petrochemicals Ltd,a unit of ONGC,would invest Rs 2,048 crore in 2009-10,he said.

To a separate question,Prasada said ONGC has approved the second phase of redeveloping the northern part of its prime Mumbai High fields at an investment of Rs 7,133.39 crore.

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The Mumbai High North redevelopment project includes six new platforms,top side modifications of 10 existing well platforms,production facility at WI-4,73 new wells,38 side track wells,26 additional injector wells,installation of 21 Electrical Submersible Pumps and 141 km of sub-marine pipeline,” Prasada said.

The project is scheduled to be completed by September 2012. “The project envisages an incremental oil and gas production of 17.354 million tonnes and 2.987 billion cubic metre respectively by the year 2030.”