State-run oil companies plan to spend Rs 1.11 lakh crore in the next fiscal

State-run oil companies plan to spend Rs 1.11 lakh crore in the next financial year, with capex targets for ONGC, Indian Oil Corporation, BPCL and HPCL remaining at the same level as this year.

The capex plan for 2022-23 is 6% higher than the current year target of Rs 104,620 crore, as per the budget document. Until December, the companies had spent two-thirds of their combined spending target for the current year, according to the Oil Ministry data.

ONGC, the country’s largest oil and gas producer, plans to spend Rs 29,950 crore next year, compared to Rs 29,800 crore this year. It has so far spent only 57% of the amount budgeted for this year.


ONGC Videsh, the overseas arm of ONGC, too has been a very slow spender this year. It has spent just 44% of its current year target of Rs 8,380 crore. It has set a capex plan of Rs 8,180 crore for the next fiscal.

Indian Oil Corporation, the nation’s largest refiner and fossil fuel retailer, has set a target of Rs 28,548 crore, the same as last year. It has spent 65% of this year’s spending budget so far.

BPCL’s target of Rs 10,000 crore and HPCL’s Rs 14,500 crore for the next fiscal are the same as they had set for this year. BPCL has spent at a rapid pace, achieving 92% of its capex target in nine months. HPCL has spent three-fourths of its capex target for the current year.

GAIL, the nation’s largest marketer and transporter of natural gas, has already used up 80% of its current year’s spending budget of Rs 5,861 crore. It plans to spend Rs 7,500 crore next fiscal.

The companies plan to spend Rs 50,535 crore on exploration and production and Rs 53,876 crore on refining and marketing. Spending on petrochemicals is targeted at Rs 6,742 crore.