“Spending by Indian oil companies has further upside over the coming years because of opportunities at home and abroad,” said Abhishek Kumar, senior energy analyst at Interfax Energy’s Global Gas Analytics in London. “Low services costs make spending more attractive now.”

Investments in oil and gas fields globally are set to drop a third year after falling 24 percent to $450 billion in 2016, according to the International Energy Agency. Oil companies slashed spending, delayed projects and cut staff to cope with the crash in prices that started in 2014. The market is beginning to stabilize amid efforts by the Organization of Petroleum Exporting Countries to trim output.

Brent crude, which has averaged almost $54 a barrel this year, was trading 0.2 percent higher at $52.59 as of 8:52 a.m. in Singapore. The Indian spending boom is being driven by the country’s growing energy appetite and the need to meet Prime Minister Narendra Modi’s goal of reducing dependence on oil imports by 10 percent by 2022. The IEA also expects India to be the fastest-growing oil consumer through 2040.

“There’s no let up on our capital expenditure,” said B. Ashok, chairman of Indian Oil. The company, which is also the nation’s biggest distributor of fuels, plans to spend more than 200 billion rupees ($3.1 billion) this year from 160 billion rupees on growing its local refining and fuel-retailing operations, he said.

Hindustan Petroleum plans to invest as much as 70 billion rupees on expanding refineries and marketing infrastructure this year, compared with about 60 billion rupees last year, said J. Ramaswamy, director of finance at India’s third-largest fuel retailer. One factor behind the higher capital expenditures at Indian refineries is the country’s move to upgrade fuel quality and lower emissions to the equivalent of Euro 6 standards by 2020, said Bhaskar Patel, managing director at Technip India, a unit of TechnipFMC Group.

Explorers aren’t slowing down either.

“Last year we drilled about 500 wells and this year also we plan to maintain that number,” ONGC Chairman Dinesh Kumar Sarraf said. “While the investment figure would be similar to that of last year, we will be able to do more jobs because cost of services is declining.”

To be sure, last financial year’s capital expenditure was buoyed by the acquisition of stakes in two Rosneft PJSC blocks in Russia by Indian Oil, ONGC, Oil India and a subsidiary of Bharat Petroleum Corp.