Indian Oil Corporation spent about Rs 85 billion and ONGC Rs 80 billion in capital expenditure in the first quarter of this financial year, utilizing around a quarter of their annual spending budget. State-run oil companies collectively have a capex target of Rs 11,850 billion for 2024-25. They spent Rs 265 billion in the April-June quarter, which is about 22% of their annual target, according to data from the petroleum and natural gas ministry. Indian Oil Corporation and ONGC outpaced the average for state-run oil companies, with spending rates of 27% and 26% respectively.

Hindustan Petroleum Corporation, GAIL, Oil India, and Bharat Petroleum Corporation were slower spenders, with rates of 21%, 19%, 18%, and 12% respectively, thereby lowering the average for state oil firms. Refiners Indian Oil, Hindustan Petroleum, and Bharat Petroleum are investing in various projects including refinery expansions, petrochemical and biofuel plants, pipelines, depots, and natural gas distribution infrastructure.

A significant portion of Hindustan Petroleum's investment is directed towards its greenfield refinery in Barmer, which has experienced substantial cost escalations. ONGC and Oil India primarily focus their expenditures on exploration and production.