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Oil marketing cos' profits slip Rs 2,898 cr — Govt to issue bonds for Rs 11,500 cr
Our Bureau
New Delhi
,
Feb. 22
THE public sector oil marketing companies have incurred decline in profit of Rs 2,898 crore for the first nine months of the current fiscal.
The combined profits of IOC, HPCL, BPCL, and IBP have declined from Rs 10,818 crore in 2003-04 to Rs 7,193 crore in 2004-05, the Petroleum Minister, Mr Murli Deora, told the Rajya Sabha.
The revenues earned by the Government from the petroleum sector in the period stood at Rs 46,041 crore (Rs 56,395 crore).
The Minister said that in order to compensate the companies on account of non-realisation of the increased prices from consumers, the Government has decided in principle to issue oil bonds to them for Rs 11,500 crore.
Notwithstanding the steep rise in international prices of petroleum products, these companies have been modulating the price increase in petrol, diesel, and domestic LPG, besides maintaining the prices of PDS kerosene, in consultation with the Government, he added.
ONGC plan to increase crude production
ONGC has prepared a comprehensive action plan to increase crude oil production, including its share from joint ventures, to around 30 MMT by 2007-08.
The company proposes to do so by development of marginal fields, improved oil recovery and enhanced oil recovery, redevelopment of fields, and putting new discoveries on production.
This information was given by the Minister of State for Petroleum and Natural Gas, Mr Dinsha Patel, in a written reply in the Rajya Sabha.
ONGC has reported that through its subsidiary, MRPL, it has initiated efforts for setting up two new refineries in Kakinada (Andhra Pradesh) and Barmer (Rajasthan).
The company has also reported that it has plans to start production of oil/gas from G-1 & GS-15 offshore fields in Krishna-Godavari basin from April 2006, which would depend on commissioning of facilities and drilling and commissioning of wells.
G-1 and GS-15 projects envisage a total production of 0.982 MMT of oil and 5.92 billion cubic metres of gas over a period of 14 years, with peak production of 1,223 MT a day of crude oil during the first year and 2.62 million cubic metres of gas per day during the second year.
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