In a major boost to India’s energy infrastructure, state-run oil and gas companies have collectively spent Rs 46,600 crore in the first five months (April–August) of the current financial year. This marks 35 percent of their total annual capital expenditure (capex) target of Rs 1.32 lakh crore, according to data released by the Ministry of Petroleum and Natural Gas.
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The steady capex pace reflects the government’s emphasis on energy security, domestic production enhancement, and infrastructure modernization to meet growing national demand.
ONGC and IOC Lead the Investment Drive
Among the public sector enterprises, Oil and Natural Gas Corporation (ONGC) led with an investment of Rs 12,979 crore, followed closely by Indian Oil Corporation (IOC) at Rs 10,860 crore.
ONGC, with an annual capex target of Rs 34,900 crore, has directed substantial funds toward redeveloping ageing oilfields, improving recovery from mature assets, drilling new wells, and exploration activities. Meanwhile, IOC, with a target of Rs 35,294 crore, has concentrated its spending on refinery expansion projects and gas marketing infrastructure development.
ONGC Group’s Total Capex Reaches Rs 20,103 Crore
When including its subsidiaries and affiliates, the ONGC group’s total spending reached Rs 20,103 crore during the April–August period.
This figure includes investments by ONGC Videsh (Rs 2,310 crore), Hindustan Petroleum Corporation (Rs 4,187 crore), and Mangalore Refinery and Petrochemicals Ltd (Rs 627 crore).
Hindustan Petroleum is nearing completion of its greenfield Barmer refinery, while ONGC Videsh continues to strengthen its international exploration and development portfolio.
BPCL, OIL, and GAIL Drive Infrastructure Expansion
Bharat Petroleum Corporation Ltd (BPCL) ranked as the third-largest investor, spending Rs 4,605 crore in the five-month period. Oil India Ltd (OIL) followed with Rs 4,424 crore, including Rs 2,547 crore invested by its subsidiary Numaligarh Refinery Ltd (NRL), which is actively expanding its refining capacity.
GAIL (India) Ltd, the country’s largest natural gas transporter and marketer, recorded spending of Rs 3,853 crore out of its Rs 8,377 crore annual target. GAIL’s investments are primarily focused on expanding gas pipeline capacity and scaling up petrochemical operations across the country.
Supporting India’s Long-Term Energy Vision
The robust investment activity by India’s leading public sector oil firms underscores their role in strengthening domestic energy resilience, advancing infrastructure, and supporting India’s transition toward cleaner fuels.
This strategic capex momentum is aligned with the government’s broader objectives of sustainable industrial growth, enhanced energy access, and economic self-reliance under Atmanirbhar Bharat.
About ONGC
Oil and Natural Gas Corporation Limited (ONGC) is India’s premier oil and gas exploration and production company, operating under the Ministry of Petroleum and Natural Gas. As a public sector undertaking, ONGC plays a pivotal role in ensuring the country’s energy security. With operations spanning both onshore and offshore assets, the company continues to lead in exploration, development, and sustainable resource management across the country.
About Indian Oil Corporation Ltd.
Indian Oil Corporation Ltd. (IOCL) is a Maharatna PSU under the Ministry of Petroleum and Natural Gas, and India’s largest commercial oil company. With a vast network of refineries, pipelines, and retail operations, IOCL plays a pivotal role in the country’s energy security and transition. The corporation is actively investing in green fuels, hydrogen infrastructure, and clean energy technologies to support India’s sustainable development and net-zero ambitions.
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