The ministry of petroleum and natural gas has been allocated a budget of ₹1,19,402.52 crore for the fiscal year 2024-2025, signifying a robust financial commitment to enhancing India’s energy infrastructure.
The allocation, which includes both budgetary support and internal and extra budgetary resources (IEBR), reflects the government’s focus on securing energy resources and fostering sector growth.
Oil and Natural Gas Corporation (ONGC) is a major recipient of the budget, with an allocation of ₹30,800 crore for 2024-2025. This is an increase from ₹30,500 crore in the revised budget for 2023-2024 and ₹30,125 crore in the initial budget for 2023-2024, emphasizing ONGC’s vital role in India’s energy sector and the government’s support for its exploration and production activities.
Bharat Petroleum Corporation Limited (BPCL) has ben allocated ₹2,000 crore for the fiscal year 2024-2025, down from ₹2,150 crore in the revised 2023-2024 budget and ₹2,360 crore in the initial 2023-2024 budget. The reduction might indicate the completion of key projects or a shift in BPCL’s operational strategy.
Indian Oil Corporation Limited (IOCL) is set to receive ₹27,374.04 crore for 2024-2025, slightly higher than the ₹27,064.45 crore in the revised 2023-2024 budget and significantly more than the ₹25,741.31 crore in the initial 2023-2024 budget. This suggests ongoing investment in refining and marketing operations, essential for maintaining India’s energy supply chain.
Oil India Limited (OIL) has been granted ₹6,880 crore for 2024-2025, up from ₹5,648 crore in the revised 2023-2024 budget and ₹4,896 crore in the initial 2023-2024 budget. This notable increase underscores the company’s expanding role in exploration and production.
Oil and Natural Gas Corporation Videsh Limited (OVL) has seen its budget rise to ₹5,580.01 crore for 2024-2025, compared to ₹3,311.23 crore in the revised 2023-2024 budget. The increase highlights the strategic importance of OVL’s international ventures and the necessity to secure overseas energy assets.
As reported by ETEnergyworld.com, the petrochemical sector’s budget has also grown to ₹10,850.94 crore for 2024-2025 from ₹9,180.59 crore in the revised 2023-2024 budget, indicating a drive to boost petrochemical production capabilities to meet rising domestic demand.
