ONGC plans Rs 26523 cr spend on oil, gas hunt: Govt

The government has said that the state-owned Oil and Natural Gas Corporation (ONGC) is planning to spend Rs 26,523 crore on oil and gas hunt, reports CNBC-TV18 quoting NewsWire18. The company’s oil output for FY11 is seen at 25.42 MT and at 26.58 MT for FY12, the government said, adding that the FY10 debt-gross domestic product (GDP) ratio is estimated at 57% and for FY11 it is seen at 56.9%. Further, the government said that it is yet to finalise the design and rates of the goods and services tax (GST). “We have no plans to withdraw additional excise duty on auto fuels,” it said.