New Delhi, July 30: State-run exploration firm Oil and Natural Gas Corporation (ONGC) will spend Rs 165 billion in 2003/04 on exploration, development and overseas investments, said the Union Minister of State for Petroleum and Natural Telefilms, Sumitra Mahajan. ONGC's foreign investment arm will spend Rs 62.57 billion on various overseas projects, the minister informed the parliament on Tuesday.

She said the planned expenditure for the year to March 2004 was 33.4 per cent higher than the previous fiscal year.
ONGC will spend Rs 40.45 billion on exploration projects, Rs 17.21 billion on developing oil fields and Rs 39.35 billion on enhanced oil recovery projects, she said.
India is encouraging oil companies to step up exploration and acquire equity oil abroad as domestic output has stagnated and demand is projected to rise.
India imports 70 per cent of the crude oil requirement for its 17 refineries that can process 2.3 million barrels per day. Bureau Report