ONGC, IOC and other oil PSUs will invest over Rs 98,521 crore in the coming fiscal starting April 1 in exploring for oil and gas, refineries, petrochemicals and laying pipelines to meet needs of the world's fastest-growing energy consuming nation.
The investment proposed in 2020-21 is almost 4% higher than Rs 94,974 crore spending by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2020-21 documents.
Oil and Natural Gas Corp (ONGC) leads the pack with a 19% rise in its capital spending at Rs 32,501 crore. The company is investing in finding new reserves of oil and gas and bringing to production discoveries it has already made. It is developing discoveries on both east and west coast of the country.
The top oil producer's overseas arm, ONGC Videsh Ltd (OVL) will invest almost 10% more at Rs 7,235 crore in oil and gas operations abroad.
Indian Oil Corp (IOC), the country's top oil refiner, will see a 17.4% rise in spending to Rs 26,233 crore with the bulk of it in expansion and upgrade of its seven refineries that produce fuel.
