PSU oil companies hit 54% of FY26 capex goal

New Delhi: State-run oil and gas companies have spent ₹71,000 crore in the first seven months of this fiscal year – about 54% of their annual capex target of ₹1.32 lakh crore.

Oil and Natural Gas Corp (ONGC) led the spending with ₹19,267 crore in the April-October period, achieving 55% of its annual target of ₹34,900 crore, according to oil ministry data. The spending covered drilling wells, exploration activity, and enhanced oil recovery projects in mature fields.

The state oil and gas companies spent a combined ₹162,537 crore in capex in FY25. This year, they have moderated their spending target.