112 oil and gas discoveries in four years: President

New Delhi, Feb 12 (PTI) The UPA government's focus on increased exploration and turning the nation into a refining hub has seen a record number of oil and gas discoveries and a phenomenal 20 percent jump in crude processing capacity in the past four years.

In her customary address to the joint sitting of the
Parliament at the beginning of the Budget session, Indian
President Pratibha Patil said significant increase in refining
capacity, which has quadrupled fuel exports to USD 26.8
billion in 2007-08.

"During the last four years, 112 oil and gas discoveries
have been made, significant amongst them being the discovery
of gas for the first time in the ultra deep-water areas," she
said.

The President, however, did not name state-owned Oil and
Natural Gas Corp (ONGC) for the Krishna Godavari basin UD-1
discovery, the lone ultra deepsea well that may hold up to 2
trillion cubic feet of in-place gas reserves.

Refining capacity has increased from 127.36 million ton
on April 1, 2004 to 179.5 million tons currently, turning the
nation into a major export hub in the region.

"The refining capacity has significantly increased and
our exports of petroleum products have quadrupled from USD 6.6
billion in 2004-05 to USD 26.8 billion," she said.

India is 76 per cent dependent on imports to meet its
energy needs and fuel export revenues brings down crude import
bill.

Patil said over three crore new customers have been
provided with LPG connections, covering about 52 per cent of
the population. "Five-kg cylinders have been introduced for
low-income customers."

Government has constituted the Petroleum and Natural Gas
Regulatory Board to protect the interests of customers and
provide level playing field to oil companies.

To address the manpower needs, Rajiv Gandhi Institute of
Petroleum Technology - an education body at par with renowned
IITs - has been established for studies and research in
petroleum and energy sectors, she said.

India exported 18.211 million tons of petroleum products
in 2004-05 for Rs 29,928 crore (USD 6.6 billion). This has
gone up to 39.327 million tons for Rs 107,801 crore (USD 26.8
billion) in 2007-08. PTI ANZ