ONGC earning $ 77 per barrel on oil production

New Delhi, Sep 28 (UNI) Upstream major Oil and Natural Gas Corporation (ONGC) today said it is earning about 70-75 dollars per barrel of crude oil it produces, over 16 per cent more than what it got in the last fiscal.

''The gross realisation is about 70-75 dollars a barrel,'' ONGC Chairman and Managing Director R S Sharma told reporters on the sidelines of a seminar here.

During April-June, ONGC's gross realisation was 71.77 dollars per barrel but net realisation was 50.21 dollars after it gave refiners a discount of 21.4 dollars for subsidising prices of domestic cooking gas, LPG and kerosene.

In 2006-07 fiscal, ONGC's net realisation in crude sale was 44.22 dollars per barrel while gross realisation was 66.33 dollars per barrel.

When asked about the impact of rupee appreciation on the second quarter results, Mr Sharma said the effect is dampening.

''I hope both the impact of appreciating rupee and higher oil prices would be taken into account when government decides on the subsidy we need to give in July-September quarter,'' he added.

UNI