Oil PSUs ONGC, IOC and others will invest over Rs 98,521 crore within the coming fiscal year beginning april 1 in exploring for oil and gas, refineries, petrochemicals and laying pipelines to fulfill desires of the sector’s quickest-growing power ingesting country.
The investment proposed in 2020-21 is almost 4 per cent higher than Rs 94,974 crore spending by means of the state-owned oil firms in the current fiscal yr that ends on march 31. Oil and Natural Gas Corp (ONGC) leads the pack with a 19% rise in its capital spending at rs 32,501 crore. The organisation is making an investment in locating new reserves of oil and gas and bringing to production discoveries it has already made. It’s far developing discoveries on both east and west coast of the country.
The top oil manufacturer’s overseas arm, ONGC videsh ltd (ovl) will make investments nearly 10% more at Rs 7,235 crore in oil and gas operations abroad. Indian Oil Corp, the country’s top oil refiner, will see a 17. 4 % rise in spending to Rs 26,233 crore with the bulk of it in expansion and upgrade of its seven refineries that produce fuel.
IOC may even see investing in petrochemical business almost double to Rs 3,387. 5 crore even as its exploration spends quadruples to Rs 2,150 crore. Bharat Petroleum Corp Ltd (BPCL) has proposed a 14 % higher capital spending at Rs 9,000 crore, 2/3 of which will be in its core refining business.
GAIL India will not see any primary increase in its investments at Rs 5,412 crore as most of its pipeline grid expansion initiatives are nearing completion . Hindustan Petroleum Corp Ltd (HPCL), a subsidiary of ONGC, will make investments Rs 11,500 crore in fy21, the same as the previous year. Oil India ltd, the country’s 2nd-largest oil producer, will make investments Rs 3,877 crore next year as compared to Rs 3,675 crore in present financial year.
