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ONGC, IOC, OTHER OIL PSUS TO INVEST RS 1.2 TRILLION IN FY25
The Business Guardian
|February 06, 2024
ONGC, IOC, and other oil PSUs are set to invest approximately Rs 1.2 trillion in the upcoming fiscal year, commencing April 1.
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This investment, spanning oil and gas exploration, refineries, petrochemicals, and pipeline infrastructure, aims to meet the energy demands of the world’s fastest-growing nation. Budget documents for 2024-25 indicate a 5 percent increase in investment compared to the Rs 1.12 trillion spent by stateowned oil firms in the current fiscal year ending March 31.
Oil and Natural Gas Corp (ONGC) plans a capital spending of Rs 30,800 crore in the next financial year, slightly higher than the Rs 30,500 crore spent in the current fiscal. The expenditure focuses on discovering new reserves and bringing existing discoveries into production on both the east and west coasts.
ONGC’s overseas arm, ONGC Videsh Ltd (OVL), will witness a 68 percent increase in investment at Rs 5,580 crore in 2024-25 for international oil and gas operations compared to the previous fiscal.
This story is from the February 06, 2024 edition of The Business Guardian.
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