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ONGC, IOC, and other oil PSUs plan to invest approximately ₹1.2 lakh crore in oil and gas exploration, refineries, petrochemicals, and pipelines to meet India's demands. According to Budget 2024–25 documents, the investment projected in 2024–25 is 5% more than the ₹1.12 lakh crore spent by the State-owned oil corporations in the current fiscal year, which ends on March 31.
Oil and Natural Gas Corp (ONGC) plans to spend 30,800 crore on capital projects for the upcoming fiscal year. The cost of locating new oil and gas deposits and putting existing discoveries into production is marginally more than the 30,500 crore capital expenditures for the 2023–24 fiscal year. The top oil producer's overseas arm, ONGC Videsh Ltd (OVL), will invest 68% more, at ₹5,580 crore, in oil and gas operations abroad in 2024- 25 compared to the previous fiscal year.
Indian Oil Corp (IOC), the country's top oil refiner, will be the top spender with an investment outlay of ₹30,910 crore, with the bulk expanding and upgrading its seven refineries that produce fuel. This outlay also includes ₹3,299 crore in the petrochemical business and another ₹236.48 crore in the small oil and gas exploration portfolio it has. The investment planned by IOC is less than ₹31,254 crore spending in the current 2023-24 fiscal.
Bharat Petroleum Corp Ltd (BPCL) has proposed a 30% increase in capital spending to ₹13,000 crore, two-thirds of which will be in its core refining business. Gas utility GAIL India Ltd will see its planned investment decline to over ₹8,000 crore in 2024-25 from ₹9,750 crore in the previous fiscal as most of its pipeline grid expansion projects are nearing completion. Hindustan Petroleum Corp Ltd (HPCL), a subsidiary of ONGC, will invest ₹12,500 crore in FY25, marginally higher than ₹12,000 crore invested in the previous year.
In the interim budget for 2024-25 ahead of general elections, Finance Minister Nirmala Sitharaman had put off capital support to oil marketing companies — IOC, BPCL and HPCL — to the next fiscal year. While presenting the annual Budget for 2023-24 on February 1 last year, she announced an equity infusion of ₹30,000 crore in IOC, BPCL, and HPCL to support their energy transition plans. She had also proposed ₹5,000 crore for buying crude oil to fill strategic underground storages at Mangalore in Karnataka and Visakhapatnam in Andhra Pradesh that India has built to guard against any supply disruptions.
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