State-owned oil firms plan to spend about Rs 1.2 lakh crore in the fiscal year to March 2021 on oil and gas exploration and production and refineries in a bid to boost economic activity in the nation that has been hit hard by the COVID-19 pandemic.
As much as Rs 5.88 lakh crore of spending is budgeted for 8,363 projects over the next few years, an official statement said.
“Out of the total anticipated cost of these projects, approximately Rs 1.20 lakh crore is targeted to be incurred as capex in FY 2020-21,” it said.
Oil Minister Dharmendra Pradhan reviewed all ongoing projects of oil and gas companies in a bid to turn the crisis into an opportunity by scaling up work on the projects to create employment and revive growth.
