ONGC, IOC and other oil PSUs will invest about Rs 1.2 trillion in the coming fiscal starting April 1 in oil and gas exploration, refineries, petrochemicals and laying pipelines to meet the needs of the world’s fastest-growing energy consuming nation.
The investment proposed in 2024-25 is 5 per cent higher than Rs 1.12 trillion spent by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2024-25 documents.
Oil and Natural Gas Corp (ONGC) has a planned capital spending of Rs 30,800 crore in the next financial year. This expenditure in finding new reserves of oil and gas and bringing to production discoveries it has already made,
