According to Reuters article published on February 1, 2023, Indian state-run oil companies will spend 1.06 trillion Indian rupees ($12.95 billion) in the next fiscal year from April, a growth of about 27% from the revised estimates of this year, budget document shows.
India, the world's third-biggest oil importer and consumer, wants to unlock its hydrocarbon reserves to cut dependence on costly imports. India imports over 80% of its oil needs.
State refiners in Asia's third-largest economy are also expanding their refining and fuel retailing capacities to meet the country's growing fuel demand.
Nearly half of overall expenditure would be for refineries expansion and upgrade while about 44% will be used for exploration and production of hydrocarbons, the data provided in the budget documents shows.
The federal government would also provide 300 billion rupees in support to oil refiners and marketing companies for projects aimed at cutting emissions.
