State-owned oil firms surpass combined annual capex targets

• Posted in OilGas
• on March 22, 2017
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State-owned firms have beat their capex targets which had been set for the running financial year. These 11 state-owned firms expended over the target of Rs 876.03 billion. As shown in the data furnished by the Petroleum Planning and Analysis Cell, during the period of April-February, these firms disbursed Rs 917.81 billion as their capital expenditures, which is excessive on account of 2014-2015. The companies like ONGC, Oil India Ltd., Bharat Petroleum Corporation Ltd., Indian Oil, Videsh Ltd., Numaligarh Refinery Ltd., Balmer Lawrie Co. Ltd., and Oil India, have surpassed their capex targets. The GoI has taken a bold step in supporting PSU oil firms to upgrade the investments, while it is being noticed that there is a slowdown in private sector investment, and thus the powerful demand and certain policy plans have helped to raise the investment opportunities in the Oil and Gas sector.

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