Accounts And Budgeting For Oil And Gas In India
The prime focus of this page is to shed light on the financial accounts and budgeting for oil and gas in India. The physical as well as qualitative dimensions of financial accounts for oil and gas in India indicate the actual performance and the targeted performance during the recent years. Read on to know more.
The various policy initiatives and reform procedures taken by the Ministry help in achieving the goals & objectives. The Government is making all efforts to hasten domestic exploration and production through its New Exploration licensing Policy (NELP) scheme. The Annual Plan Outlay for 2009-10 is proposed at s.57475.74 crore as financial budgeting for oil and gas in India. This comprises Rs.38731.98 crore for Upstream activities; Rs.14285.79 crore for Refining and Marketing activities; Rs.4362.97 for Petrochemicals and Rs.95 crore for Engineering activities.
The Gross financial accounts for oil and gas in India totaling to Rs. 25 crore has been Offered in 2009-10 to meet the initial funds expenses for setting up of Rajiv Gandhi Institute of Petroleum Technology in Uttar Pradesh. The domestic refining capacity in the country according to recent survey was 177.97 MMTPA out of which 72.47 MMTPA was in the private sector. The country is not only self sufficient in refining capacity for its domestic consumption but also exports petroleum products to a large extent.
If we look at the accounts and budgeting for oil and gas in India, at present there are 122 major projects which cost around Rs.100 crore. These are at different stages of execution by the Oil Companies. When complete, these projects will not only help strengthen exploration and production activities, but also increase refining and petrochemical capacity and give boost to the pipeline network in the country.
There are nine Public Sector Undertakings engaged in a range of activities, such as, exploration and production of oil, transportation of gas, refining and marketing of petroleum products, etc. These commercial organizations in which government has equity shareholding are ONGC, OIL, GAIL, IOC, HPCL, BPCL, EIL, Biecco Lawrie and Balmer Lawrie Holding Ltd.
Annual Plan outlay for 2009-10
ONGC’s Rs.20867.58 crore
OIL Rs.2276.31 crore
GAIL Rs. 5558.00 crore
IOC Rs.11000 crore
HPCL Rs.1390 crore.
BPCL Rs.3348.70 crore