Replying to supplementaries during the Question Hour, Minister of State for Petroleum and Natural Gas Dinsha Patel said ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), has invested over Rs 21,000 crore overseas and OIL-IOC combine invested over Rs 2,000 crore.
The investments have cumulatively yieled 28.14 million tonnes of oil and oil equivalent gas. "Rs 40,000 crore has been recovered (from these investments)," he said.
State-run companies have acquired exploration and production assets in 23 countries including Australia, Brazil, Colombia, Cuba, Egypt, Gabon, Iran, Iraq, Libya, Myanmar, Nigeria, Oman, Qatar, Russia, Sudan, Syria, East Timor, Vietnam, Yemen and Venezuela.
Of these, production has already started in six projects in Vietnam, Sudan, Russia, Syria and Colombia.
Patel said in 2006-07, domestic crude oil production was 31.5 million tonnes while consumption was 120.74 million tonnes, underlining the need to invest in equity oil abroad.
Currently, the overseas investment is yielding 8.76 million tonnes of oil and oil equivalent gas, he said.
