ONGC plans capex of Rs 35k cr for next fiscal

New Delhi: State-owned Oil and Natural Gas Corp (ONGC) plans to invest over Rs 35,049 crore next fiscal in exploration and production of oil and gas – 4 percent increase over capital expenditure in 2012-13.

ONGC will invest Rs 35,049.23 crore in 2013-14 as compared to revised capital expenditure of Rs 33,577 crore in the current fiscal, according to the 2013-14 General Budget documents. The nation’s largest explorer had originally proposed to invest Rs 33,065.31 crore in 2012-13 which it during the course of the year revised it to Rs 33,577 crore.

[caption id=“attachment_645427” align=“alignleft” width=“380”] Next year’s spending includes Rs 9,434 crore on its core refining and marketing business. Reuters[/caption]

All of expenditure proposed next fiscal will be funded by ONGC from its internal resources. State refiner Indian Oil Corp (IOC) has scaled up its capex for next fiscal to Rs 11,276.76 crore as against a spending of Rs 10,000 crore in current year.

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Next year’s spending includes Rs 9,434 crore on its core refining and marketing business and Rs 689 crore in oil and gas exploration. The remaining Rs 1,153.76 crore would be spent on petrochemicals business.

Gas utility GAIL India has planned capital expenditure of Rs 7,511.50 crore next fiscal, as against Rs 6,738.77 crore in current year. Next year’s spending includes Rs 4,376.50 in its core gas transmission and marketing business and another Rs 3,135 crore on its petrochemical expansion.

Bharat Petroleum Corp Ltd (BPCL) has planned a capex of Rs 3,521 crore, while Hindustan Petroleum Corp Ltd (HPCL) will be spending Rs 3,724.84 crore. This is as against Rs 1,546 crore capital expenditure by BPCL, and Rs 3,191 crore by HPCL during current fiscal.

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Mangalore Refinery and Petrochemical Ltd (MRPL) has projected a capital outlay of Rs 2,347.47 crore next fiscal. The total plan outlay for petroleum sector increased to Rs 79,052.17 crore in 2013-14, from revised capex estimate of Rs 76,850.14 crore of the current fiscal ending next month.

The budget estimated capex was Rs 79,727.88 crore in 2012-13, which was revised downward during the course of the year.

PTI