8,363 projects worth 5.88 lakh crore in oil, gas sectors resumed since April 20
Aug 25, 2020
New Delhi [India], Aug 25 : Oil and gas industry has started and progressively resumed 8,363 projects and economic activities with an anticipated cost of Rs 5.88 lakh crore since April 20 by following all COVID-19 related standard operating procedures.
An official release said that these projects of oil and gas central public sector enterprises (CPSEs) and joint ventures or subsidiaries include refinery projects, bio refineries, exploration and production projects, marketing infrastructure projects, pipelines, city gas distribution projects and drilling and survey activities.
It said oil and gas entities in their role as key actors were "working on a war footing" and contributing to the green shoots of economic revival already visible through the backward and forward linkages of the oil and gas industry.
In this context, Petroleum and Natural Gas Minister Dharmendra Pradhan on Tuesday steered in-depth reviews of all ongoing projects of oil and gas companies.
"Under the minister's vision, Petroleum industry has turned 'crisis into opportunity' and is striving to work on mission mode to generate employment and revive growth," the release said.
"These projects are a boost to the national economy and will trigger job creation, material movement," it added.
The total anticipated cost of these projects is Rs 5.88 lakh crore and they are expected to generate 33.8 crore man-days (direct as well as indirect) of employment.
In FY 2020-21 (as on August 15, 2020), employment of more than 2.2 crore man-days has already been generated through capital expenditure in the execution of these oil and gas projects despite the COVID-19 pandemic.
Total anticipated operational expenditure by oil and gas companies in 2020-21 is around Rs 41,672 crore with the potential to generate around 14.5 crore man-days (direct/indirect).
"This would create a virtuous cycle of investments and will certainly play a crucial rule in the revival of Indian economy post COVID-19 pandemic," the release said.
