State-run oil and gas companies have spent ₹71,000 crore in the first seven months of FY26, amounting to 54 per cent of their combined capital expenditure target of ₹1.32 lakh crore, according to ET Bureau.
Oil and Natural Gas Corporation (ONGC) led spending with ₹19,267 crore in April to October, meeting 55 per cent of its annual capex goal of ₹34,900 crore. The expenditure included drilling activity, exploration work and projects aimed at boosting recovery from mature fields.
In FY25, state oil and gas companies together spent ₹1,62,537 crore in capex. Their targets have moderated this year.
Indian Oil, BPCL and others show varied pace of spending
Indian Oil Corporation (IOC) spent ₹18,415 crore, or 52 per cent of its FY26 target of ₹35,294 crore. The company intends to allocate about ₹14,000 crore towards refining expansion and around ₹10,000 crore towards marketing and pipelines during the year.
Bharat Petroleum Corporation (BPCL) spent ₹6,642 crore between April and October, achieving only 36 per cent of its ₹18,500 crore capex target, the slowest pace among the state-run firms.
Oil India recorded the fastest deployment, using ₹5,964 crore, or 76 per cent, of its annual outlay of ₹7,860 crore.
GAIL (India) spent ₹5,014 crore against an annual target of ₹8,377 crore, primarily on pipelines and petrochemicals, while Hindustan Petroleum Corporation (HPCL) utilised ₹6,929 crore of its ₹11,500 crore capex plan.
ONGC Videsh, the overseas arm of ONGC, spent ₹3,664 crore, reaching 34 per cent of its ₹5,590 crore annual target, mostly on field development abroad.
