Oil PSUs to infuse Rs 1.2L cr in FY25
The investment proposed in 2024-25 is 5% higher than Rs1.12L cr spent by the firms in current fiscal
New Delhi: ONGC, IOC and other oil PSUs will invest about Rs1.2 lakh crore in the coming fiscal starting April 1 in oil and gas exploration, refineries, petrochemicals and laying pipelines to meet the needs of the world’s fastest-growing energy consuming nation.The investment proposed in 2024-25 is 5 per cent higher than Rs1.12 lakh crore spent by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2024-25 documents.
Oil and Natural Gas Corp (ONGC) has a planned capital spending of Rs30,800 crore in the next financial year. This expenditure in finding new reserves of oil and gas and bringing to production discoveries it has already made, is slightly higher than Rs30,500 crore capex in 2023-24 fiscal (April 2023 to March 2024). It is developing discoveries on both east and west coasts of the country. The top oil producer’s overseas arm, ONGC Videsh Ltd (OVL) will invest 68 per cent more at Rs5,580 crore in 2024-25 in oil and gas operations abroad when compared with the previous fiscal.
IOC will be the top spender with an investment outlay of Rs30,910 crore, with the bulk of it in expansion and upgrade.
