Oil India is planning a Capex of Rs. 13,000 - 14,000 crore for FY 2023-24, says Harish Madhav, Director - Finance, Oil India Limited during Q2 FY2023 results conference call. 

 

"Our Capex for next year will be close to around Rs. 4,500 crores. At NRL, as per the plan of the refinery project execution, next year there will be total expenditure for around Rs. 8000 crore. So, total group Capex will be about Rs. 13,000 - Rs. 14,000 which will come from Oil and NRL put together," said Harish Madhav. 

 

"The NRL expansion project is Rs. 29,000 crore and is to be completed by the end of FY 2024-25, so in the next two years i.e. FY 2023-24 and FY2024-25, the entire expenditure hopefully will get invested for the NRL expansion project. As far as the Oil India is concerned our Capex remains around Rs. 4,000 - Rs. 5000 crore every year and that will be in this line," commented Madhav. 

 

"Out of the total Rs. 28,000 crore, 70:30 would be our equity contribution. For 70% is Rs. 3,000 crore which will be invested may be the current year or the next two years," said Madhav. 

 

"Equity contributions if at all it happens will happen only in the case of Mozambique. It is happening little bit as of now also and it will continue in Mozambique with a total of about US $500 million equity. We have to contribute remaining equity US $400 - US $450 million may be around that will go over the project life," commented Madhav. 

 

"Our target production of 4.2 oil and 5 BCM of gas by 2024-2025. We are also progressing on that almost as per the schedule we have targeted, so the future of the company looks good," added Madhav.