ONGC plans capex of Rs 35,050 cr for next fiscal

Oil and Natural Gas Corporation plans to invest over Rs 35,049 crore (Rs 350.49 billion) next fiscal in exploration and production of oil and gas -- 4 per cent increase over capital expenditure in 2012-13.

ONGC will invest Rs 35,049.23 crore (Rs 350.49 billion) in 2013-14 as compared to revised capital expenditure of Rs 33,577 crore (Rs 335.77 billion) 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 (Rs 330.65 billion) in 2012-13 which it during the course of the year revised it to Rs 33,577 crore (Rs 335.77 billion).

All of expenditure proposed next fiscal will be funded by ONGC from its internal resources.

State refiner Indian Oil Corporation has scaled up its capex for next fiscal to Rs 11,276.76 crore (Rs 112.76 billion) as against a spending of Rs 10,000 crore (Rs 100 billion) in current year.

Next year's spending includes Rs 9,434 crore (Rs 94.34 billion) on its core refining and marketing business and Rs 689 crore (Rs 6.89 billion) in oil and gas exploration.

The remaining Rs 1,153.76 crore (Rs 11.53 billion) would be spent on petrochemicals business. Gas utility GAIL India has planned capital expenditure of Rs 7,511.50 crore (Rs 75.11 billion) next fiscal, as against Rs 6,738.77 crore (Rs 67.38 billion) in current year.

Next year's spending includes Rs 4,376.50 (Rs 43.76 billion) in its core gas transmission and marketing business and another Rs 3,135 crore (Rs 31.35 billion)

on its petrochemical expansion.

Bharat Petroleum Corporation Ltd has planned a capex of Rs 3,521 crore (Rs 35.21 billion), while Hindustan Petroleum Corp Ltd will be spending Rs 3,724.84 crore (Rs 37.24 billion).

This is as against Rs 1,546 crore (Rs 15.46 billion) capital expenditure by BPCL, and Rs 3,191 crore (Rs 31.91 billion) by HPCL during current fiscal.

Mangalore Refinery and Petrochemical Ltd has projected a capital outlay of Rs 2,347.47 crore (Rs 23.47 billion) next fiscal.

The total plan outlay for petroleum sector increased to Rs 79,052.17 crore (Rs 790.52 billion) in 2013-14, from revised capex estimate of Rs 76,850.14 crore (Rs 768.5 billion) of the current fiscal ending next month.

The Budget estimated capex was Rs 79,727.88 crore (Rs 797.27 billion) in 2012-13, which was revised downward during the course of the year.

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