PROGRAM PERFORMANCE AUDIT REPORT

ASIAN DEVELOPMENT BANK PPA: IND 25363 PROGRAM PERFORMANCE AUDIT REPORT ON THE HYDROCARBON SECTOR PROGRAM LOAN (Loan 1148-IND) IN INDIA January 2001 CURRENCY EQUIVALENTS Currency Unit – Rupee/s (Re/Rs) At Appraisal At Project Completion At Operations Evaluation (November 1991) (September 1997) (September 2000) Rs1.00 = $0.0386 = $0.0276 = $0.0219 $1.00 = Rs25.90 = Rs36.18 = Rs45.67 ABBREVIATIONS ADB – Asian Development Bank APM – administered price mechanism BOP – balance of payments DGH – Directorate General of Hydrocarbons HSP – Hydrocarbon Sector Program IMF – International Monetary Fund IOC – Indian Oil Company LPG – liquefied petroleum gas MMT – million metric tons MOF – Ministry of Finance MOPNG – Ministry of Petroleum and Natural Gas NELP – New Exploration Licensing Policy OECF – Overseas Economic Cooperation Fund OIL – Oil India Limited ONGC – Oil and Natural Gas Corporation PSE – public sector enterprise TA – technical assistance NOTES (i) The fiscal year (FY) of the Government ends on 31 March. (ii) In this Report, "$" refers to US dollars. Operations Evaluation Office, PE-566 CONTENTS Page BASIC DATA i EXECUTIVE SUMMARY ii I. BACKGROUND 1 A. Rationale B. Formulation 1 C. Objectives and Scope at Appraisal 2 D. Financing Arrangements 2 E. Donor Coordination 3 F. Program ...