State-run explorer ONGC missed its capex target by 11% while refiners IndianOil, BPCL and HPCL exceeded their respective targets for 2021-22, as per the oil ministry data. State-oil companies spent a combined ₹1,04,600 crore, meeting their capex target for the year.
They plan to spend ₹1,11,000 crore in the current fiscal year. ONGC spent ₹26,621 crore, against its budgeted expenditure of ₹29,800 crore. Its overseas arm, ONGC Videsh, fell far short of its target. Its expenditure of ₹4,836 crore was just 58% of its annual target. Oil India NSE 3.52 %, the smaller state-run explorer, spent ₹4,239 core, against a target of ₹4,108 crore.
