ONGC has projected an outlay of Rs 36,059.07 crore for the year 2014-15. Of this, Rs 12,407.41 crore will be spent on exploratory drilling, Rs.7,838.79 crore on developmental drilling and Rs.11,731.15 crore on project facilities. The company is planning to spend Rs.1,912.38 crore on survey works.
Current fiscal’s outlay is 2.9% higher than that for 2013-14, which was at Rs.35,049.23 crore. However, the actual expenditure during 2013-14 was at Rs.31,114.44 crore. The company has attributed the shortfall in expenditure to delay in land acquisition for the Tapti Daman project and problems in the Vashista-S1, C-Series, Assam Renewal, B-127 cluster development and conversion of Sagar Pragati projects.
ONGC has set crude oil and natural gas production targets of 23.510 MMT and 24.000 BCM, respectively for the current year. The actual production of crude oil during 2013-14 at 22.246 MMT which was short by 7.6% of target, and 1.4% lower than production for 2012-13. The actual production of natural gas in 2013-14 was 23.284 BCM which was 0.7% lower than target for the year.