India's Oil Giants Hit $5.6 Billion Capex Mark in 5 Months

India’s state-run oil and gas companies have collectively spent ₹46,600 crore on capital expenditure (capex) during the first five months (April–August) of FY25, achieving 35% of their total annual capex target of ₹1.32 lakh crore, according to data from the Ministry of Petroleum and Natural Gas.

Oil and Natural Gas Corporation (ONGC) led the expenditure with ₹12,979 crore, primarily directed toward field redevelopment, enhanced oil recovery, and exploration activities. Indian Oil Corporation (IOCL) followed with ₹10,860 crore, focusing on refining capacity expansion and gas infrastructure development.

Together, ONGC and its subsidiaries—including ONGC Videsh, HPCL, and MRPL—accounted for ₹20,103 crore of the total spend. ONGC Videsh continues to invest in overseas oil and gas fields, while HPCL nears completion of the Barmer refinery project.

Bharat Petroleum Corporation Ltd (BPCL) and Oil India Ltd spent ₹4,605 crore and ₹4,424 crore, respectively. Oil India’s subsidiary, Numaligarh Refinery, contributed ₹2,547 crore toward its ongoing refinery expansion. Meanwhile, GAIL (India) Ltd utilized ₹3,853 crore of its ₹8,377 crore annual capex target, with major investments in pipeline infrastructure and petrochemical projects.

News by Rahul Yelligetti.