ONGC Q2 gross realisation at $115 a barrel: Sharma
New Delhi, Oct 17 (UNI) Oil and Natural Gas Corporation (ONGC), the country's largest oil producer, today said the gross billing in the second quarter of the current fiscal stood at about 115 dollars a barrel.
For the second quarter, the government is yet to notify the subsidy ONGC will have to pay, company Chairman and Managing Director R S Sharma said.
''Our gross billing was 115 dollars a barrel,'' he told reporters here on the sidelines of the 11th Energy Summit organised by Assocham.
''Our budget (for capital and operation expenditure) was made at 52 dollars per barrel,'' he said.
He said the company has natural hedge against decline in crude oil prices.
In the first quarter when the company's gross billing was 145 dollars per barrel, it had also to pay 56 dollars a barrel towards subsidising fuel, Mr Sharma said.
''As
prices
(global
crude
prices)
come
down,
our
subsidy
burden
will
also
come
down
which
is
a
good
thing,''
company
Chairman
and
Managing
Director
R
S
Sharma
UNI
SBA
MP
NS1852