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Prime Minister Narendra Modi is set to announce a groundbreaking Rs 1.5 lakh-crore mega bonanza for the petroleum sector in Bihar’s Begusarai on March 2. The comprehensive package includes major projects across various sectors such as energy, fertilizers, infrastructure, and rail connectivity, with a staggering total worth of Rs 1.62 lakh crore. This strategic move aims to significantly boost the nation’s economic growth and improve the quality of life for citizens.
In the petroleum sector alone, PM Modi will inaugurate 29 projects, with a capital expenditure of Rs 89,000 crore, and lay the foundation for 10 projects with an outlay exceeding Rs 60,000 crore. This substantial investment is poised to revolutionize the petroleum industry, driving advancements in infrastructure, enhancing production capacities, and optimizing the efficiency of energy distribution networks.
Key highlights include the historic Krishna Godavari (KG) Basin project by the Oil and Natural Gas Corporation (ONGC), marking a milestone in India’s energy sector. The project, valued at Rs 41,000 crore, is expected to significantly reduce India’s dependence on energy imports, with a projected cumulative production of 14.24 MMT of oil and 30.50 BCM of gas.
Additionally, the Visakh Refinery Modernization Project (VRMP) of HPCL, costing Rs 26,264 crore, exemplifies the ‘Atmanirbhar Bharat’ initiative, boasting over 85% local content and generating substantial employment opportunities. The project aims to produce a range of valuable products while achieving a 14% reduction in greenhouse gas emissions.
PM Modi will also inaugurate ONGC’s Mumbai High North Redevelopment Phase IV, Heera Re-development Phase-III Project, and the Nagayalanka Field development project, among others. These initiatives collectively contribute to India’s energy security, livelihood opportunities, and economic growth.
Other notable projects include the Barauni Refinery Expansion, Panipat Refinery Capacity Expansion, Indian Institute of Petroleum and Energy (IIPE), Poly Butadiene Rubber plant at Panipat, Naphtha Cracker Expansion Project, and PX-PTA Expansion Project at Panipat Refinery. These initiatives reflect a strategic push towards self-sufficiency and domestic production, aligning with the ‘Make in India’ initiative.
