Sunil Kumar Srivastava, Chairman and MD of Oil India (OIL) informed reporters that the firm earmarked Rs 12,000 crore investment for its projects in North East out of the Rs 19,000 crore capital expenditure planned in the 12th Five-Year Plan.
The company planned to invest Rs 19,000 crore on expansion of exploration work and diversification of business during 2012-17.
During 2013-14, the firm would invest Rs 1,982 crore in the North East out of the total investment of Rs 3,581 crore planned for the year.
The state-run firm would invest the amount on activities such as exploring new blocks, diversification, upgrading infrastructure and general corporate purposes.
Meanwhile, the company plans to set up wind energy projects in the North East, extending its similar initiative in Rajasthan.
The company’s wind energy projects in the North East would be based on the outcome of a feasibility study in the region to see the potential of this business.
In Rajasthan, the company has two wind energy plants with capacities of 13.6 mw and 54 mw.
The firm is also planning to diversify into the natural gas segment. It has appointed a global consultant to see the potential of LNG business in India.
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