The Free Press Journal

ONGC, IOC, other oil PSUs to invest `1.2L cr in FY25

- PTI / New Delhi

ONGC, IOC and other oil PSUs will invest about Rs 1.2 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 Rs 1.12 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 Rs 30,800 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 Rs 30,500 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 Rs 5,580 crore in 2024-25 in oil and gas operations abroad when compared with the previous fiscal.

Indian Oil Corp (IOC), the country's top oil refiner, will be the top spender with an investment outlay of Rs 30,910 crore, with the bulk of it in expansion and upgrade of its seven refineries that produce fuel. This outlay also includes Rs 3,299 crore in the petrochemi­cal business and another Rs 236.48 crore in the small oil and gas exploratio­n portfolio it has.

The investment planned by IOC is less than Rs 31,254 crore spending in the current 2023-24 fiscal.

Bharat Petroleum Corp Ltd (BPCL) has proposed a 30 per cent higher capital spending at Rs 13,000 crore, two-thirds of which will be in its core refining business.

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