Oil India has set aside Rs. 3,632 crore outlay for the current fiscal. Last year OIL had spent Rs. 2,756 crore as against a target of Rs. 3,580.99 crore. This is apart from Rs. 6,307 crore OIL had spent on account of acquisition of new assets abroad in Mozambique. Of the total outlay, OIL has set aside Rs. 2,858.61 crore for domestic investment. OIL has planned an investment of Rs. 414.06 crore in geological and geophysical development, Rs. 1226.53 crore in exploratory drilling, Rs. 680.03 crore in developmental drilling and Rs. 538 crore in capital equipment and facilities.
OIL has set oil production target for 2014-15 at 3.66 MMT as against the last year’s target of 3.95 MMT. However, the actual production during 2013-14 was only 3.466 MMT. Further, OIL’s natural gas production target during 2014-15 has been set at 2.782 BCM as against the target of 2.74 BCM in 2013-14.
