Fueling Growth: Oil PSUs zoom past 80% capex target

20 Jan 2024 , 09:08 AM

During the first nine months of the current fiscal year, state-run oil corporations invested Rs 89,000 crore in new production and distribution facilities.

Based on figures from the Oil Ministry, the spending amounts to around 84% of their total capital expenditure target of Rs 106,000 crore for the current fiscal year. Among state oil businesses, Indian Oil Corp. has spent the most money thus far this year. After spending Rs 27,000 crore, it has almost reached 90% of its annual goal.

Almost 80% of ONGC’s yearly budget, or Rs 24,500 crore, has already been spent. 34% of the yearly budget, or Rs 2,400 crore, has been spent by ONGC Videsh, its abroad affiliate.

Due to the significant capital expenditures associated with the greenfield refinery being built in Barmer, Rajasthan, HPCL has already spent Rs 9,500 crore, almost depleting its Rs 10,000 crore yearly budget.

80% of BPCL’s Rs 10,000 crore annual budget has been spent. 80% of GAIL’s yearly budget, or Rs 6,400 crore, has already been spent. Additionally, Oil India has spent Rs 5,000 crore, or 80%, of its yearly budget.

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