COVID shaves off one-fifth Capex of ONGC in FY21; downstream cos exceed target

Oil and gas producer ONGC NSE 0.24 % 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).