Oil and Natural Gas Corporation (ONGC) is reportedly planning to invest around Rs 30,000 crore in 2017-18 to develop oil and gas fields, expand refining capacity, and build pipelines. This is slightly higher than the company’s spending of about Rs 28,000 crore in 2016-17.
State refiners are spending heavily to upgrade facilities to produce fuel with higher emission norms. All petrol and diesel sold must meet BS-VI emission norms from April 2020, according to the government mandate. Refiners today sell BS-IV fuels. All state refiners are also adding capacity at their existing plants to raise output to meet growing fuel demand in the country that rose 5% in 2016-17.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.