With an endeavour to encourage and increase employment, domestic oil and gas companies have planned an operational expenditure (Opex) of around Rs 41,672 crore for FY21, to boost employment, which can generate around 14.5 crore man-days of direct and indirect jobs.
It was confirmed by the Ministry of Petroleum and Natural Gas on August 25. The oil and gas sector is a key driver of economic growth and these projects will boost the economy and trigger job creation.
Out of this expenditure, an amount of Rs 11,296 crore has already been spent to create 4.4 crore man-days of jobs in FY21.
Currently, a total of 8,363 oil and gas projects are under progress, which will sustain capital expenditure of Rs 1.2 lakh crore in FY21. Around Rs 26,576 crore has already been spent in this fiscal on these projects as on August 15.
These ongoing projects were reviewed by Oil Minister Dharmendra Pradhan in a bid to turn the crisis into an opportunity, by scaling up work on the projects to create employment and revive growth.
The joint ventures and projects of oil and gas PSUs and subsidiaries include refinery projects, bio-refineries, exploration and production (E&P) projects, marketing infrastructure projects, pipelines, city gas distribution projects and drilling/survey activities.
