Public sector oil and gas companies have already achieved over three-fourths of their cumulative capital expenditure (capex) target for the current financial year ending March (FY24), taking a lead over most large public sector undertakings (PSUs) under other central government ministries, latest government data shows.
Capex refers to expenses or investments made by companies to buy or upgrade long-term fixed assets like land, production units, and equipment for fostering growth. India’s oil and gas companies are working to rapidly expand capacities and capabilities on multiple fronts–exploration and production, refining and petrochemicals, fuel retail, and gas infrastructure–as the country’s energy demand is expected to rise significantly over the coming years.
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