Oil and Natural Gas Corporation?s (ONGC) current gross realisation on crude oil sales has gone up 16% at about $77 per barrel, against $66.33 per barrel in the last fiscal. This is due to the uptrend in the international crude oil prices.
Speaking to reporters on the sidelines of an industry seminar, ONGC chairman and managing director R S Sharma said, ?Our gross realisation is about $77 a barrel.? During April-June, the state-run companies gross realisation was $71.77 per barrel but net realisation was $50.21 after it gave refiners a discount of $21.4 for subsidising prices of domestic cooking gas, LPG, and kerosene.
ONGC?s net realisation in crude sale, during 2006-07, was $44.22 per barrel while gross realisation was $66.33 per barrel. ?Rupee appreciation has been a dampener (as per tonne realisation in rupee terms has come down) but the rise in international oil prices has brought us higher prices,? Sharma said.
?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 said.
Sharma also revealed that oil and natural gas major has turned down an offer from Sri Lanka to operate a block in the Mannar basin, as Colombo was demanding very high allotment money. Sri Lanka had earlier this year offered offshore Block-1 to ONGC on nomination basis. ?We did not find the prospectivity. Moreover, they were asking for a fantastic signature bonus for that. So we are not interested,? Sharma said.