Oil firms plan Rs 79,782cr investment

The three flagship companies of the government in the oil sector "" Oil and Natural Gas Corporation (including ONGC Videsh Limited), Indian Oil Corporation and GAIL India Ltd "" have collectively earmarked Rs 79,782 crore for investment during the Tenth Plan (2002-07).

In the first 18 months of the Plan period (April 2002-September 2003), ONGC could spend 22.8 per cent of the total outlay, IOC 12.3 per cent and GAIL 22.4 per cent.

In the case of ONGC, the total Tenth Plan allocation is Rs 33,418.95 crore. In 2002-03, the company's actual expenditure was Rs 5,088.97 crore.

Of the 2003-04 outlay of Rs 10,265.12 crore, actual expenditure during April-September this year was Rs 2,542.66 crore. Thus, a balance of Rs 25,787.32 crore is left for the remaining Plan period.

For ONGC Videsh Limited, the total Plan allocation has been fixed at Rs 13,550 crore. The actual expenditure in 2002-03 was Rs 4,968.27 crore, and Rs 937.84 crore in April-September this year.

This leaves a balance of Rs 7,643.89 crore for the rest of the Plan period. The 2003-04 outlay for OVL has been pegged at Rs 2,958.13 crore.

In the case of IOC, the Tenth Plan allocation is Rs 24,399.53 crore, actual expenditure during 2002-03 is Rs 2,197.11 crore, actual expenditure during April-September this year is Rs 799.27 crore.

Thus, the company has Rs 21,403.15 crore for the remaining Plan period. IOC's 2003-04 outlay is Rs 2,902.32 crore.