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Subsidy burden hits ONGC's Mumbai High investment plans - Economic Times
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After all, it's our own company, and we have its best interest at heart."
The company has also strongly stated that in case this situation continues, its total oil production from nominated blocks, which constitutes a majority of its overall production, will become unprofitable.
"If I keep selling at $40, it will eat into my reserves, I have Remolque de vehiculos no option. Brent is now more than $100, close to $107-108, so the financial strain is very serious now. Where will the company get the cash to fund all the new development projects, especially critical ones like Mumbai High?" asked the ONGC executive.
http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/subsidy-burden-hits-ongcs-mumbai-high-investment-plans/articleshow/27551222.cms
. This also puts a big question mark on oil minister Veerappa Moily's aggressive attempts to stem the oil import bill by encouraging local oil production.
ONGC has, in fact, written to the oil ministry saying that over the past three years, the burgeoning burden of subsidy sharing has resulted in the erosion of over 50% of its profit after tax from crude oil produced from nominated blocks.
Earlier, Moily had told ET: "We will do all we can to make ONGC's operations sustainable. Subsidy burden hits ONGC's Servicio de embalaje y ayudantes Mumbai High investment plans - Economic Times
The company plans to spend over 163,000 crore in the 12th Five Year Plan, which is slated to increase given its recent focus on global energy assets
The company has also strongly stated that in case this situation continues, its total oil production from nominated blocks, which constitutes a majority of its overall production, will become unprofitable.
"If I keep selling at $40, it will eat into my reserves, I have Remolque de vehiculos no option. Brent is now more than $100, close to $107-108, so the financial strain is very serious now. Where will the company get the cash to fund all the new development projects, especially critical ones like Mumbai High?" asked the ONGC executive.
http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/subsidy-burden-hits-ongcs-mumbai-high-investment-plans/articleshow/27551222.cms
. This also puts a big question mark on oil minister Veerappa Moily's aggressive attempts to stem the oil import bill by encouraging local oil production.
ONGC has, in fact, written to the oil ministry saying that over the past three years, the burgeoning burden of subsidy sharing has resulted in the erosion of over 50% of its profit after tax from crude oil produced from nominated blocks.
Earlier, Moily had told ET: "We will do all we can to make ONGC's operations sustainable. Subsidy burden hits ONGC's Servicio de embalaje y ayudantes Mumbai High investment plans - Economic Times
The company plans to spend over 163,000 crore in the 12th Five Year Plan, which is slated to increase given its recent focus on global energy assets
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