In the first five months of the current fiscal, state-run oil companies have spent just one-third of their total Rs 1.11 trillion capital expenditure planned for 2022-23, government data showed.
Of the total, Rs 37,257 crore has been spent by a dozen of them, including ONGC and IOCL, the highest amount of Rs 10,464 crore has been spent by IOCL, the country’s largest oil retailer.
In the entire 2021-22, PSU oil companies spent Rs 1.04 trillion, a little lower than Rs 1.06 trillion in FY21.
In 2019-20, their cumulative spent was Rs 98,955 crore.
While Bharat Petroleum Corporation (BPCL) has done better compared its peers by spending Rs 5,685 crore of its targeted capex spent of Rs 10,000 crore, ONGC Videsh’s performance on the front has been rather poor.
It has spent just 12% of its planned capex of Rs 8,180 crore.
Meanwhile, India’s crude oil imports in the first five months of the current fiscal stood at 98.1 million metric tonne (MMT) compared with 212 MMT in the entire of last fiscal and 196.5 MMT in the previous fiscal.
However, as the crude prices were ruling high for most part of the period in the current fiscal, India’s import bill for the first five months rose to $76.9 billion compared with $ 62.2 billion in the whole of 2020-21.
India imported crude oil worth $120 billion in 2021-22.
Import dependency of crude oil rose to 86.5% during the April-August period of the current fiscal compared with 84.9% in the same period last fiscal, the government data showed.
India’s import dependency on natural gas, however, declined to 46.9% in the first five months of the current fiscal from 50.2% in the same period a year earlier.
Total import of liquefied natural gas (LNG) was 12,340 mmscm compared with 13,745 mmscm a year earlier.