According to Reuters article published on February 1, 2023, Indian state-run oil companies will spend 1.06 trillion Indian rupees ($12.95 billion) in the next fiscal year from April, a growth of about 27% from the revised estimates of this year, budget document shows.
India, the world's third-biggest oil importer and consumer, wants to unlock its hydrocarbon reserves to cut dependence on costly imports. India imports over 80% of its oil needs.
State refiners in Asia's third-largest economy are also expanding their refining and fuel retailing capacities to meet the country's growing fuel demand.
Nearly half of overall expenditure would be for refineries expansion and upgrade while about 44% will be used for exploration and production of hydrocarbons, the data provided in the budget documents shows.
The federal government would also provide 300 billion rupees in support to oil refiners and marketing companies for projects aimed at cutting emissions.
Below is the table of state-run oil companies' planned expenditure in billion rupees in the fiscal year to March 31, 2024.
| Companies | FY24 Budgeted Capex | %Chg over FY23 |
|---|
| Exploration and Production | | |
| Oil and Natural Gas Corp Ltd (ONGC.NS) | 301.3 | 0.6 |
| GAIL (India) Ltd (GAIL.NS) | 60 | -9.6 |
| Bharat Petroleum Corp Ltd (BPCL.NS) | 23.6 | 7.3 |
| Indian Oil Corp Ltd (IOC.NS) | 1.4 | 189.5 |
| Oil India Ltd (OILI.NS) | 49 | 11.6 |
| ONGC Videsh Ltd | 32.3 | 11.1 |
| TOTAL | 467.6 | 1.3 |
| Refinary and Marketing Sector | | |
| Indian Oil Corp Ltd | 257.4 | 83.1 |
| Hindustan Petroleum Corp Ltd | 102.1 | 42.5 |
| Bharat Petroleum Corp Ltd | 71.4 | 87.9 |
| Chennai Petroleum Corp Ltd | 5.5 | -6.2 |
| Numaligarh Refinery Ltd | 82.9 | 17.7 |
| Mangalore Refineries and Petrochemicals Ltd (MRPL.NS) | 8.2 | 0.6 |
| TOTAL | 527.5 | 57.6 |
| Petrochemical Sector | | |
| Indian Oil Corp Ltd | 45.1 | 49.4 |
| GAIL (India) Ltd | 17.5 | 37.1 |
| Bharat Petroleum Corp Ltd | 5 | -- |
| TOTAL | 67.6 | 57.4 |
| Engineering Sector | 0 | |
| Balmer Lawrie and Co Ltd | 0.4 | 0 |
| Engineers India Ltd (ENGI.NS) | 1 | 40 |
| TOTAL | 24.5 | 1.4 |
| Capital Support to Oil Marketing Companies | 300 | -- |
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Published on February 2, 2023 11:53 AM (GMT+8)
Last Updated on February 2, 2023 11:53 AM (GMT+8)
