Indian state oil companies to spend $13 bln in fiscal 2024

Engineers India

01/02/2023 12:23

NEW DELHI, Feb 1 (Reuters) - Indian state-run oil
companies will spend 1.06 trillion Indian rupees ($12.95
billion) in the next fiscal year from April, a growth of about
27% from the revised estimates of this year, budget document
shows.
    India, the world's third-biggest oil importer and consumer,
wants to unlock its hydrocarbon reserves to cut dependence on
costly imports. India imports over 80% of its oil needs.
    State refiners in Asia's third-largest economy are also
expanding their refining and fuel retailing capacities to meet
the country's growing fuel demand.
    Nearly half of overall expenditure would be for refineries
expansion and upgrade while about 44% will be used for
exploration and production of hydrocarbons, the data provided in
the budget documents shows.
    The federal government would also provide 300 billion rupees
in support to oil refiners and marketing companies for projects
aimed at cutting emissions. 
    Below is the table of state-run oil companies' planned
expenditure in billion rupees in the fiscal year to March 31,
2024.
 Companies                         FY24 Budgeted  %Chg over
                                   Capex          FY23
                                                             
                                                             
               Exploration and                    
 Production                                       
                                                  
 Oil and Natural Gas Corp Ltd              301.3          0.6
  ONGC.NS                                         
 GAIL (India) Ltd  GAIL.NS                  60.0         -9.6
 Bharat Petroleum Corp Ltd                  23.6          7.3
  BPCL.NS                                         
 Indian Oil Corp Ltd  IOC.NS                 1.4        189.5
 Oil India Ltd  OILI.NS                     49.0         11.6
 ONGC Videsh Ltd                            32.3         11.1
 TOTAL                                     467.6          1.3
                                                             
                                                             
               Refinary and                       
 Marketing Sector                                 
                                                  
 Indian Oil Corp Ltd                       257.4         83.1
 Hindustan Petroleum Corp Ltd              102.1         42.5
 Bharat Petroleum Corp Ltd                  71.4         87.9
 Chennai Petroleum Corp Ltd                  5.5         -6.2
 Numaligarh Refinery Ltd                    82.9         17.7
 Mangalore Refineries and                    8.2          0.6
 Petrochemicals Ltd  MRPL.NS                      
 TOTAL                                     527.5         57.6
                                                             
                                                             
               Petrochemical                      
 Sector                                           
                                                  
 Indian Oil Corp Ltd                        45.1         49.4
 GAIL (India) Ltd                           17.5         37.1
 Bharat Petroleum Corp Ltd                   5.0           --
 TOTAL                                      67.6         57.4
                                                             
                                             0.0             
               Engineering Sector                 
                                                  
 Balmer Lawrie and Co Ltd                    0.4          0.0
 Engineers India Ltd  ENGI.NS                1.0         40.0
 TOTAL                                      24.5          1.4
                                                             
                                                             
 Capital Support to Oil Marketing          300.0           --
 Companies                                        
 Source: Budget document
($1 = 81.8830 Indian rupees)
 (Reporting by Nidhi Verma
Editing by Bernadette Baum)
 ((nidhi.verma@thomsonreuters.com; +91 11 49548031; Reuters
Messaging: nidhi.verma.thomsonreuters.com@reuters.net))