On the $7.4-billion Iran-Pakistan-India piped gas project, Bhalla said it was likely to be operational by 2012-13, following the green signal from Iran.

The company, which is scheduled to come out with an IPO Sep 7 to raise Rs.2,800 crore from the market, is partnering with Iran to jointly develop the world's largest gas field.

OIL plans to pump in Rs.4,500 crore over the next two years.

'There will be an investment of Rs.2,800 crore in exploration, Rs.1,000 crore in development and Rs.700 crore for procurement of capital equipment,' the official said.