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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, a budget document shows.
India, the world's third-biggest oil importer, and consumer desire to release its hydrocarbon reserves to reduce dependence on pricey imports. India imports over 80% of its oil needs.
State refiners in Asia's third-largest economic system are additionally increasing their refining and gas retailing capacities to meet the country's developing gasoline demand.
Nearly half of the ordinary expenditure would be for refineries enlargement and improvement whilst about 44% will be used for exploration and manufacturing of hydrocarbons, the facts supplied in the files of the finance show.
The federal authorities would additionally furnish 300 billion rupees in help to oil refiners and advertising and marketing organizations for tasks aimed at reducing emissions.
Below is the desk of state-run oil companies' deliberate expenditure in billion rupees in the fiscal 12 months to March 31, 2024.
Companies | FY24 Budgeted Capex | %Chg over FY23 |
Exploration and Production | ||
Oil and Natural Gas Corp Ltd | 301.3 | 0.6 |
GAIL (India) Ltd | 60.0 | -9.6 |
Bharat Petroleum Corp Ltd | 23.6 | 7.3 |
Indian Oil Corp Ltd | 1.4 | 189.5 |
Oil India Ltd | 49.0 | 11.6 |
ONGC Videsh Ltd | 32.3 | 11.1 |
TOTAL | 467.6 | 1.3 |
Refinery 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 | 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 | 5.0 | -- |
TOTAL | 67.6 | 57.4 |
Engineering Sector | 0.0 | |
Balmer Lawrie and Co Ltd | 0.4 | 0.0 |
Engineers India Ltd | 1.0 | 40.0 |
TOTAL | 24.5 | 1.4 |
Capital Support to Oil Marketing Companies | 300.0 | -- |
Source: Budget document
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