NEW DELHI: Indian Oil, Hindustan PetroleumNSE -2.00 %, Bharat Petroleum, and GAIL have exceeded their capital expenditure targets for the current fiscal, having spent heavily on refinery upgrades, pipelines, and marketing infrastructure.
The combined capex target set for all staterun oil producers, refiners and marketers for 2018-19 is Rs 89,335 crore, of which they have collectively spent Rs 82,711 crore, or about 93%, in the 11 months through February.
Explorer Oil and Natural Gas Corp, which typically has much higher spending budget every year than the refiners, has spent about 80% of its annual target of Rs 32,000 crore. Its overseas arm, ONGC Videsh, has used up about 85% of its Rs 5,890 crore target, while another state-run producer, Oil IndiaNSE 2.03 %, has spent 78% of its target of Rs 4,300 crore.
