State-run oil and gas firms set to invest Rs 1.62 trillion this year

State-run oil and gas firms are set to invest Rs 1.62 trillion in FY21 – including capital expenditure (capex) and operational expenditure (opex) — which is expected to generate employment of 240 million man-days.

At present, the sector is seeing work on 8,363 projects with an anticipated cost of Rs 5.88 trillion.

These expenditure figures, expected to give a fillip to the employment scenario, were lined up by the companies in a review meeting by Petroleum Minister Dharmendra Pradhan recently.

“The amount spent will create a virtuous cycle of investments and play a crucial rule in reviving the economy. It will also provide employment opportunities to people,” said the ministry.