PSU oil companies look to expand in 2016

Posted on March 6, 2015 12:42 am by Energy Today

Oil well1State-run oil firms are looking to expand in the financial year 2015-16 and to that end, will invest over Rs 76,565 crore on expanding their projects in India as well as abroad.

According to the Budget document 2015-16 released by the government, the PSUs are expected to increase their capital expenditure in the current financial year. While oil and gas major ONGC will see its capex rise to Rs 36,249.37 crore, OIL too will raise its capex to Rs 3,917.54, which is an increase of 11 percent.

The oil refining and marketing companies too increase their capex, with IOC increasing it by 10.5 percent and Bharat Petroleum doing it by 11.6 percent. Hindustan Petroleum, on the other hand, plans to reduce its capex.

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