Oil minister Dharmendra Pradhan said state-owned Oil and Natural Gas Corporation and Oil India Ltd plan to spend around Rs 1.77 lakh crore over five years on exploration and production-related activities.
The projected investment forecast for the next five years is tentative. The minister said it is also based upon existing acreage and assessment made by the companies.
Huge investments in oil and gas assets of over $100 billion will be involved in the development of India’s energy infrastructure. Besides city gas distribution networks and LNG terminals, the development also covers exploration and production of oil and gas, oil refining, and pipelines.
Declining 4.15 percent to 34.2 million tonnes, the country’s domestic crude production continued to drop for the eighth consecutive year in 2018-2019.
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