Oil and gas producer ONGC spent about one-fifth less than its budget Capex in 2020-21 fiscal after COVID-19 related restrictions delayed projects but fuel marketers such as IOC exceeded targeted capital spending, a government report showed.
Oil and Natural Gas Corporation (ONGC) had budgeted Rs 32,502 crore of capital spending in the fiscal from April 2020 to March 2021 but ended up spending only Rs 26,441 crore, according to the report of the oil ministry’s Petroleum Planning and Analysis Cell (PPAC).
A company official said the lower than targeted Capex was because of project implementations getting delayed following the disruption caused to the supply chain and labour movement by COVID restrictions.
