PETROLEUM
AND NATURAL GAS
|
With the objective of enhancing the oil and gas security of
the country, in line with the National Common Minimum Programme
(NCMP) of the UPA Government, to enhance energy security, a number
of initiatives /decisions were taken in last 2 years.
Exploration and Production of Oil & Gas
In line with one of the key thrust
areas identified in the National Common Minimum Programme of the
UPA Government, emphasis is being given to enhance energy security
of the country. The Government
has adopted a multi-pronged strategy to enhance the energy security
of the country. These steps include intensive exploration of
oil and gas through New Exploration Licensing Policy (NELP), accelerating
exploration by National Oil Companies namely ONGC and OIL in their
nomination blocks, increasing recovery of oil and gas from existing
major producing fields by application of enhanced oil recovery
(EOR) / improved oil recoveries (IOR) techniques, securing equity
oil and gas from abroad, exploring for alternative sources of
hydrocarbons, such as CBM, gas hydrates and underground coal gasification
(UCG), creating strategic petroleum reserves and import of LNG
and piped gas.
NELP-V: a
resounding success
The Government undertook the exercise
for identifying new areas for opening of exploration of oil and
gas under the fifth round of New Exploration Licensing Policy
(NELP-V). on January 4, 2005, offering 20 blocks exploration
(6 deepwater blocks, 2 shallow water blocks and 12 onland blocks).
The Production Sharing Contracts (PSCs), for all the 20 blocks on offer,
were signed in a time bound manner and
estimated investment in these
blocks is about US$ 885 Million (about Rs.4,000 crore).
In all, the Government has signed 110 Production Sharing Contracts
(PSCs) under the five rounds of NELP so far.
Improving Bidding Terms and Largest Offering under NELP-VI
In order to attract larger investment and players with geological
ideas and technologies in exploration of oil and gas, wide consultations
were carried out with various stakeholders, including industry
bodies, such as CII and Petrofed for NELP-VI round. Improvements in term of offer were carried out making them one of
the best investor-friendly terms globally.
In this backdrop, the Government came out with the highest
offering so far with 55
blocks, which comprise 24 deepwater blocks, 6 shallow water blocks
and 25 onland blocks in February, 2006. These 55 blocks cover
a sedimentary area of about 3.52 lakh sq. km.
The Government has undertaken an extensive exercise to promote
NELP-VI and companies are showing keen interest in NELP-VI. The bidding closes on September 15, 2006. As demonstrated in the past, the Government
will complete evaluation, award and signing of Production Sharing
Contracts in a strict time frame.
Formulation of Open Acreage Licensing Policy (OALP)
The OALP being finalised by the Ministry,
allows investors a continuous window of exploration opportunities
wherein they would have flexibility to choose the areas, where
they intend to carry out exploration. All open acreages, i.e. areas that are yet
to be licensed or leased, are put on a grid system and are available
for offers by interested companies.
Expression of interest received for an area or areas are
advertised through a global bidding system and other companies
may also participate on equal terms and conditions under OALP.
For formulating OALP, various activities such as preparation
of maps on different scales, compilation of data in grid form,
wherever available, bidding procedure etc., and other activities,
are being undertaken. The policy is expected to be in place next
year.
Acquisition of equity oil and gas from overseas
Acquisition of equity oil and gas
assets from abroad is one of the major components of enhancing
oil and gas security. The
Oil PSUs, namely, ONGC Videsh Ltd., Oil India Limited, IOC and
GAIL are already having interests in equity oil and gas assets
abroad. In the last two
years, OVL expanded its portfolio of assets and acquired exploration
acreages in Egypt, Qatar, Vietnam, Myanmar, Cuba, Nigeria, Syria
and Libya. The consortium
of OIL and IOC also acquired two exploration blocks in Libya. GAIL acquired interests in an offshore block in Myanmar. OVL produced about 6.62 Million Metric Tonnes
(MMT) of oil and equivalent gas during the year 2005-06, from
its assets abroad in Sudan, Vietnam and Russia.
Empowering OIL and other Downstream Oil PSUs for acquiring assets abroad
The Government extended the speedy
clearance mechanism through the Empowered Committee of Secretaries
(ECS) to Oil India Limited which entered into a MoU on December
8, 2004 with Indian Oil Corporation Limited, for jointly pursuing
E&P opportunities overseas. This approval mechanism is similar
to that available to ONGC Videsh Ltd. (OVL) for of their overseas
E&P proposal. Further, in the event IOC does not join the
opportunity, OIL has the option to join with other downstream
oil PSUs to pursue the opportunities under fast track clearance
mode.
Sharing profit petroleum and production level payment with States
Based on the recommendations of the
12th Finance Commission, the Government agreed to share
profit petroleum and Production Level Payment (PLP) under CBM
policy with respective State governments in the ratio of 50:50
but within the overall central allocation to respective State
governments. State governments had been demanding sharing of profit
petroleum accruing in the PSCs under NELP and Production Level
Payment (PLP) under CBM policy with them at least in the ratio
of 50:50. The Government
has referred the matter to the 12th Finance Commission.
Oil and Gas
Discoveries
Reliance Industries Limited – Niko
Resources Ltd. (consortium), ONGC, OIL and Cairn Energy and GSPC
declared/made 49 oil and gas discoveries in the last two years
both in offshore and onshore areas.
These discoveries are under various stages of appraisal.
In addition, RIL-NIKO consortium’s development plan was
approved at an estimated investment of about US$ 2.47 Billion
to develop two gas discoveries. First gas production is expected to commence
in 2008, with production of 40 Million Standard Cubic Metres of
gas. This will contribute, in a significant way, to push-up the
gas availability in the country as RIL is also expected to invest
another $ 2 billion to transport gas to markets/users.
Cairn Energy of UK, on the other hand has targeted oil
production in the 3rd Quarter of 2007, from oil discoveries
in their Rajasthan block in Barmer district. The plateau rate of oil production is projected
to be about 6 Million Metric Tonnes per annum contributing significantly
to the domestic crude oil production.
ALTERNATIVE
SOURCES OF HYDROCARBONS
Coal Bed Methane (CBM)
The Government offered 10 blocks
under third round of Coal Bed Methane (CBM-III) Policy for exploration and production of
CBM, a new and alternative source of natural gas. The bid closing date is June 30, 2006.
So far 16 contracts have been signed
for exploration and production of CBM in the country. Commercial production of CBM in India is expected
to commence in 2007-08.
Underground Coal Gasification (UCG)
In order to use energy of commercially
non-producible coal from deeper horizons, the Government is making
efforts to convert these coals in gaseous form through a process
of UCG. ONGC has signed a technical collaboration agreement
with Skochinsky Institute of Mines, Russia. GAIL has also signed an agreement with a Canadian company for pilot
projects in UCG. The estimated
UCG potential in the country is estimated to be larger than the
conventional natural gas resources.
Gas Hydrates
India became the third country
after Japan and USA in the
first week of May, 2006, to engage a specially designed vessel
named “JOIDES Resolution”, to carry out drilling activities to
collect cores for studies of gas hydrates habitation, contents,
etc., in Indian waters. The ship has already started working.
Gas hydrates are essentially
methane entrapped in ice cubes form in deep-sea water in India,
which is estimated to be, 1894 Trillion Cubic Metres (i.e., about
1900 times of the current conventional natural gas reserves).
As no technology is available for commercial exploitation of gas
hydrates, India has formulated a national gas hydrate programme
and has tie-ups for experience sharing with leading countries
such as USA, Canada Japan, Russia, which are engaged in research
activities for developing such technologies.
DOWNSTREAM INITIATIVES/DECISIONS
Creation of Strategic Petroleum Reserve
Taking into account the oil
security concern of India, the Government decided to set up of
strategic crude oil storage of 5 million tonne (MMT) at various
locations in the country (Mangalore – 1.5 MMT), Vizag (1.0 MMT)
and Mangalore or nearby location (2.5 MMT).
The Government further
approved the funding mechanism of the strategic reserve
in January 2006, and decided to implement the same through a subsidiary
of Oil Industry Development Board (OIDB). This strategic storage
would be in addition to the existing storage of crude oil and
petroleum products, with the oil companies and would provide an
emergency response mechanism in case of short-term supply disruptions.
The proposed Strategic Crude Oil Storage would be in underground
rock cavern/concrete structures and is projected to come up in
a period of around four years.
Pricing of Petroleum Products
The Government
took several steps to insulate consumers from the impact of upward
volatility in international oil prices in last two years. These include implementation of equitable burden
sharing, reducing customs duties, extending Central subsidy on
domestic LPG and PDS Kerosene, which was to be eliminated in March
2005, issuing bonds to the public sector Oil Marketing Companies
(OMCs) for selling sensitive petroleum products at lower prices
and lower than required increase in petrol and diesel prices and
only marginal increase KLPG prices with increase no in prices
of common man’s fuel – kerosene.
At present, pricing scene is particularly adverse with crude
oil prices of US $71.13/bbl on May 2, 2006 breaching the record
of $62.78/bbl on September 1, 2005. Since late 2003, international
prices of crude and sensitive petroleum products have been highly
volatile and escalating continuously.
As against a crude price level of $ 23.31/bbl in March 2002,
the average Indian basket crude prices for 2004-05, 2005-06 and
2006-07 (till 3.5.2006) were $ 39.22/barrel, $ 55.68/barrel and $ 67.35/barrel respectively. Indian
basket crude oil price has so far averaged $ 70.92/barrel in May
2006. During the financial
year 2005-06, in addition to the subsidy, the Government issued
interest-bearing oil bonds worth Rs. 11,500 crore to OMCs for
losses suffered by them in marketing sensitive petroleum products,
while upstream companies shared the burden worth about Rs.14,000 crore. Inspite of these,
the OMCs with refineries accounted for burden sharing of
about Rs.14,500 crore.
The Government has constituted a
Committee in October 2005 to look into various aspects of pricing
and taxation of petroleum products with a view to stabilising/rationalising
their prices keeping in view the financial position of oil companies
in October 2005, under the Chairmanship of Dr. C. Rangarajan,
Chairman, PM’s Economic Advisory Council.
The Committee submitted its report in February 2006.
The recommendations of the Committee are under consideration
of the Government.
Petroleum & Natural Gas Regulatory Board Act, 2006
The Government has enacted
the Petroleum & Natural Gas Regulatory Board Act, 2006(PNGRB
Act, 2006). This Act envisages to set up a Petroleum & Natural
Gas Regulatory Board to regulate the refining, processing, storage,
transportation distribution, marketing and sale of petroleum,
petroleum products and natural gas excluding production of crude
oil and natural gas. It
would to protect the interests of consumers and entities engaged
in specified activities relating to petroleum, petroleum products
and natural gas and to ensure uninterrupted and adequate supply
of petroleum, petroleum products and natural gas in all parts
of the country and to promote competitive markets, and for matters,
and for matters connected therewith or incidental thereto. Necessary
action for setting up the Board is underway.
Jan Kerosene Pariyojana
The Jan Kerosene Pariyojana was launched as pilot project
to revamp the PDS kerosene distribution network with a view to
first, ensuring that this heavily subsidised product is actually
made available in the required quantities at subsidised prices
to the intended beneficiaries; and, secondly, to thus cap, reverse
and eventually eliminate the diversion of PDS SKO for adulteration.
Effective October 2, 2005, for a period of 6 month, the
project has been implemented in 413 blocks covering 23 States
and one Union Territory. The impact study on pilot project is
being undertaken through the National Council of Applied Economic
Research (NCAER) and its report is expected by the end of May
2006. Pending the report of NCAER, it has been decided
to extend the scheme up to June 2006.
With a view to assessing the genuine
demand of kerosene in different States/UTs, the Government commissioned
the first-ever comprehensive study of the subject through the
National Council for Applied Economic Research (NCAER).
NCAER submitted their interim report in June, 2005, and
final report in October, 2005.
It is being examined with a view to rationalising the allocation
of PDS kerosene amongst States/UTs.
Over one crore new LPG customers
enrolled
The number of domestic LPG customers is nearing 9 crore, as the new customers enrolled crossed
one crore mark with 113.91 lakh connections released in last two
years. The total number of LPG customers increased
to 885.73 lakh as on April 1, 2006, from 771.82 lakh as on April
1, 2004. With this the LPG coverage in India increased to 45.6
per cent of the total population as against 41.27 per cent on
April 1, 2004.
Revised Motor Spirit/High Speed Diesel Control Order, 2005
Motor Spirit and High Speed Diesel
(Regulation of Supply and Distribution and Prevention of Malpractices)
Order, 1998, was revised as Motor Spirit/High Speed Diesel Control Order, 2005 to streamline
the marketing and distribution of petrol and diesel in the country.
The revised Order incorporates a number of new laboratories for
testing of MS & HSD samples.
Malpractice of short-delivery, which
was not provided for in the earlier Order of 1998, has now been
incorporated in the revised Order along with the proposal of Oil
Companies for marketing MS/HSD through mobile dispensers The specifications
of MS/HSD have been suitably amended to provide for Euro-III/IV
norms. It has been incorporated in the Order that
the Central Government may by an order, make it mandatory to supply
MS and HSD, blended with a specified quantity of anhydrous ethanol
and/or bio-diesel in the whole, or any part of the territory of
a State or whole of the territory of the Indian Union.
Measures to Check Adulteration and Ensure Q and Q
The Marketing Discipline Guidelines
(MDG) were revised in 2005, effective August 1, 2005, providing
for more stringent penal provisions for adulteration and other
malpractices/irregularities, so that the customers get the right
quality and quantity of the petroleum products. The MDG, 2005,
also provide for accountability the OMC officials for any malpractice/irregularity
at their Retail Outlets (ROs).
Marketing Discipline Guidelines (MDG)
are administrative guidelines to be followed uniformly by the
OMCs through out the country and are aimed at curbing adulteration
in auto fuels and other malpractices / irregularities at the Retail
Outlets (ROs). Further, the Government also advised OMCs to make
maximum the use of technology like automation of ROs, use of markers,
use of temper proof locks, global positioning systems (GPS) for
tank-lorries, etc.
NATURAL GAS
SECTOR
In order to meet increasing domestic demand for natural
gas, the Government took significant steps to import the gas through
trans-national pipelines and in form of LNG
besides initiatives for increasing domestic production. Some of the proposals under discussions are
as under:
Iran-Pakistan-India
(IPI) Gas Pipeline Project
In pursuance of Cabinet decision of February 9, 2005,
Minister (P&NG) led a delegation to Pakistan during June 4-8, 2005. During the talks, the two Ministers reviewed the Iran-Pakistan-India
gas pipeline proposal, which envisaged supply of gas to Pakistan
and India through a transnational pipeline. To give momentum to
the IPI pipeline project, two separate, Secretary-level Joint
Working Groups (JWGs), viz., India – Pakistan JWG and India –
Iran Special JWG (SJWG) were constituted. So far, three meetings
each of the India – Pakistan JWG and the India – Iran SJWG have
been held. Various technical, commercial, financial, legal and
related issues were discussed in these meetings and reviewed at
the Ministerial level.
Putting the discussions on IPI pipeline on a fat track
a Ministerial level bi-lateral meeting between India and Pakistan
was held at New Delhi on February 17, 2006.
The first tripartite Secretary level working group meeting
of Iran, Pakistan and India on the IPI Gas Pipeline Project was
held in Tehran on March 14-15, 2006. The Oil Ministers of three
countries also held informal trilateral meeting on the sidelines
of International Energy Forum (IEF) conference at Doha in April.
Second trilateral meeting of Iran-Pakistan-India is scheduled
to be held on May 22-24, 2006 at Islamabad, which would be followed
by the Trilateral Ministerial meeting at Tehran
in June 2006.
Myanmar-Bangladesh-India
(MBI) Gas Pipeline Project
India is pursuing import of gas from Myanmar and various
options to evacuate gas, including by pipeline through Bangladesh,
are being pursued. Feasibility
of a pipeline from Myanmar through North-Eastern States
of India is also being examined.
GAIL was asked to conduct feasibility study of the on-land
pipeline route from Myanmar to India through North-Eastern Indian
States, who have already
completed pre-feasibility studies. The detailed feasibility report
is expected shortly.
Turkmenistan-Afghanistan-Pakistan Gas Pipeline Project
Another source of natural gas to
India is Daulatabad area of Turkmenistan, which is reported to
have sufficient gas reserves.
An Indian delegation, led by Shri Dinsha Patel, Minister
of State for Petroleum and Natural Gas, participated as an ‘Observer’
in the 9th
Steering Committee Meeting on the Turkmenistan-Afghanistan-Pakistan
(TAP) Gas Pipeline at Ashgabat, Turkmenistan on February 14-15,
2006. The Steering Committee invited India to become an official
member of the project. India has now to take a view on joining
the project. The Governments of Turkmenistan-Afghanistan-Pakistan
(TAP) have designated ADB as the lead development partner for
TAP Pipeline project. ADB
has carried out the study and approached India for participating
in the project.
Import of LNG
Import of Liquefied Natural Gas (LNG)
is another initiative in which significant progress was made during
last two years for meeting domestic demand. M/s. Shell commissioned
a 2.5 MMTPA LNG terminal at Hazira, Gujarat in April, 2005. Ratnagiri
LNG terminal (erstwhile Dabhol LNG terminal)in Maharashtra is
likely to be commissioned by April, 2007. Petronet LNG Ltd (PLL)
also initiated action during this period for setting up an LNG
terminal at Kochi, Kerala, with a capacity of 2.5 MMTPA, which
is likely to be commissioned in the last quarter of 2009. PLL
is expanding the capacity of its
Dahej LNG terminal from 5 MMTPA to 10 MMTPA. Besides, GAIL
recently for the first time made spot purchases of LNG from Algeria.
Indian PSUs, viz. Indian Oil Corporation
Limited (IOC), Gail India Limited and Bharat Petroleum Corporation
Limited (BPCL) signed LNG Sale Purchase Agreements (SPAs) with
National Iranian Gas Export Company (NIGEC) on June 13, 2005,
for LNG import of 5 MMTPA. To accelerate implementation of the
agreement, the Minister (P&NG) took up the matter with his
counterpart at Doha in April 2006, and would further discuss the same during his visit to Tehran for Trilateral
Ministerial Meeting on IPI Pipeline. As per the agreement, the
supplies would be for a period of 25 years, commencing in the
last quarter of 2009.
Gas
Pricing
Gas price for the production from nomination
oil fields with ONGC and OIL was revised to boost up investment
in those fields as the existing price was turning out to unremmunerative
in the aging fields. The
decision will make investment in these fields attractive and may
boost up much gas production for meeting gas demand in the country.
The Government considered the recommendations of the Group of
Ministers (GoM) regarding the revision of gas prices after considering
the issues in its entirety. Based on the recommendations, the
consumer price of Administered Price Mechanism (APM) gas has been
revised by the Government w.e.f. July 1, .2005.
GRASS-ROOT
REFINERY PROJECTS
Refinery
at Bhatinda (Punjab)
After prolonged
deliberations initiated by the new Government at the Centre, the government of Punjab signed a Deed of Assurance in August 2005, to
grant incentives for sustaining the viability of HPCL’s 9 Million
Tonne Per Annum (MMTPA) refinery
project at Bhatinda (Punjab).
The work on refinery project was kept on hold as Deed of
Assurance (DOA) by the government of Punjab was awaited.
The Bhatinda Refinery project was to be set up by Hindustan
Petroleum Corporation Limited (HPCL) keeping in view the incentives
granted by the government of Punjab to the project, which were
later withdrawn. HPCL has acquired 1996 acres of land and obtained
right of use for crude pipeline of more than 1,000 km. The project is likely to be complemented in
2010-11 with Rs.288 crore already spent on the project.
Refinery Project at Bina (Madhya Pradesh)
Though the project of Bharat Petroleum Corporation Limited
(BPCL) for setting up 6 MMTPA grassroots refinery at Bina (Madhya
Pradesh), through a joint venture company, namely, Bharat Oman
Refineries Limited (BORL), was conceived in 1995, the project
got its breakthrough in the last two years only. The refinery
configuration was revised in January 2005, keeping in view the
changed demand/supply scenario and future standards for gasoline
and diesel oil.
On the persistent intervention of the new Government, a MoU
was signed between BORL and government of Madhya Pradesh on May
6, 2005, covering all the financial and fiscal incentives being
provided by Madhya Pradesh government. Land for the refinery block
at Bina and for the crude oil terminal at Vadinar has been acquired
besides acquiring Right of User / Right of Way for crude
oil pipeline. Major statutory and environmental approvals have also been received.
Paradeep Refinery at Paradeep (Orissa)
Similarly, after sustained efforts by the Central Government, the government
of Orissa consented to the concessions on taxes and a Memorandum
of Understanding (MoU) was signed between the Government of Orissa
and IOCL in the year 2004, for the implementation of the Paradip
Refinery Project by 2009-10. This 9 MMTPA grassroots refinery
at Paradip, was approved by Navratna Board of Indian Oil Corporation
Limited (IOCL) in 1999, thus received a big boost. Meanwhile, 3,347 acres of land have been acquired
for the project. Land development by dredging and reclamation,
construction of bridges, etc have been completed. The first phase
of the project, namely the installation of a Single Point Mooring
(SPM) system and Crude Oil Terminal, along with Paradip-Haldia
Crude Pipeline, are near completion.
Petroleum, Chemicals and Petrochemicals
Investment Regions - Feedstock Policy
The Government
is keen to promote Investment Regions to attract credible global
developers with necessary scale, experience and capital, who would
provide world-class infrastructure. The first area of focus has
been identified as petroleum, chemicals and petrochemicals. In
order to enable quick and coordinated decision-making and to provide
an appropriate policy framework for development of investment
regions of requisite scale and level, with the involvement of
world-class developers, in the field of petroleum, chemicals and
petrochemicals, the Government constituted a Task Force on Petroleum,
Chemicals and Petrochemicals Investment Regions. The Government
is actively considering the formulation of Petroleum, Chemicals
and Petrochemicals Investment Regions (PCPIR) Policy, which is
likely to be announced soon.
PROMOTING ALTERNATIVE FUELS FOR
ENERGY SECURITY
Ethanol Blended Petrol (EBP)
Implementation of the Ethanol-blended petrol (EBP) programme
envisaging 5 per cent blending of ethanol in petrol in notified
sugar producing States and adjoining areas was suffering due to
inadequate availability of ethanol at reasonable prices.
In order to enable smooth implementation of the programme,
the Government decided that the Oil Marketing Companies (OMCs)
will supply 5 per cent EBP notified areas if the indigenous price
of ethanol offered for the EBP programme at a particular location
is comparable to the import parity price of petrol subject to
adequate supply of ethanol. Following
this, OMCs invited tenders for procuring ethanol in terms of the
Gazette Notification and finalise the contracts for one year’s
requirement of ethanol for the States of Uttar Pradesh, Punjab,
Tamil Nadu (9 districts), Karnataka and Andhra Pradesh (8 locations).
Biodiesel Blended Diesel
Biodiesel is another area, which is receiving the attention of
the Government, as this fuel can provide sustainable livelihood
to marginal rural farmers and the landless, who can plant/collect
Jatropha curcus from the oil of which primarily Biodiesel can
be made. On its part,
the Ministry has committed to lend blending and marketing support
for large scale use of Biodiesel when such Biodiesel becomes available
through the proposed National Mission on Biodiesel, which envisage
large scale Jatropha curcus plantation and for which the Ministry
of Rural Development has been made the Nodal Ministry.
The OMCs in cooperation with the State government, are
experimenting with running Biodiesel blended diesel buses in Gujarat,
Haryana and Maharashtra.
Rs 100 Crore Corpus for R&D Hydrogen Fuel
The Ministry has recently
set up a Hydrogen Corpus Fund, with a corpus of Rs. 100 crore,
with contribution from five major oil companies and the Oil Industry
Development Board (OIDB) for supporting research & development
in various aspects of hydrogen, which could substitute part of
natural gas as transport fuel in future.
The Ministry of Non-Conventional Energy Sources (MNES)
has initiated the process for preparing a National Hydrogen Energy
Road Map.
Offloading of Cross-holdings of shares in each other by ONGC, IOC and GAIL
The Government approved the proposal to offload
cross-holdings of ONGC, IOC & GAIL in each other, as the experience
of past years has, however, shown that these Cross-holdings have
not contributed to any significant synergy between these companies.
These small Cross-holdings were also being seen by these Oil PSUs
as a locked investment without serving any business or strategic
purpose. Consequent to the above decision, IOC sold 2.42 per cent of GAIL’s
equity holding and 1.92 per cent of ONGC’s equity holding through
bulk deal which gave the company
much needed liquidity
particularly at a time when it is sharing a substantial
burden of rising international oil prices in order to insulate
the consumers.
In January 1999, ONGC bought 9.1
per cent of total equity in IOC and 4.8 per cent in GAIL, IOC bought 9.6 per
cent of total equity in ONGC and 4.8 per cent in GAIL. GAIL acquired 2.4 per cent of total equity
in ONGC. This exercise
mopped up Rs. 4643.12 crore for the Government.
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