05 NOV – State-run oil companies spend third of their FY21 capex target

They have spent a combined Rs 31,956 crore in the six months through September 2020, 32.4 percent of the capital expenditure of Rs 98,522 crore targeted for H1/FY21.

Indian Oil Corporation (IOC) has has spent only 28.6 percent of its planned capex of Rs 26,233 crore. The company is managing multiple projects, including product and gas pipelines, marketing infra and petrochemicals.

ONGC Videsh, a unit of the Oil and Natural Gas Corporation (ONGC) that spends in upstream projects overseas, has been the fastest spender with 44.7 percent of its annual target of Rs 7,235 crore used up in H1/FY21.

Oil India has spent nearly 40 percent of its target of Rs 3,877 crore.The Bharat Petroleum Corporation (BPCL) has used up just 29.4 percent of its annual capex plan of Rs 9,000 crore.

GAIL has spent 33 percent of its target of Rs 5,412 crore while ONGC has exhausted 32.7 percent of its target of Rs 32,502 crore. The Hindustan Petroleum Corporation (HPCL) has also spent 32.7 percent of its target of Rs 11,500 crore.