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Energy | ONGC lowers crude oil price, profit estimates

Energy | ONGC lowers crude oil price, profit estimates
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First Published: Thu, Feb 12 2009. 10 53 PM IST
Updated: Thu, Feb 12 2009. 10 53 PM IST
New Delhi: India’s largest oil producer, Oil and Natural Gas Corp. Ltd (ONGC), has cut its crude oil price projection and forecast that profit in the year to March 2010 will fall by 35%, chairman R.S. Sharma said. “We had earlier estimated our revenue at $50 (Rs2,435) a barrel oil price”, Sharma said over the phone from New Delhi on Thursday. “It’s now scaled down to $40 a barrel.”
—Bloomberg
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OVL likely to forgo oil blocks in Nigeria
New Delhi:ONGC Videsh Ltd (OVL) may forgo two highly prospective deep-sea oil blocks in Nigeria as it is unlikely to get government approval for payment of $485 million (Rs2,361 crore) signing amount before the 6 March deadline.
Nigeria had in January decided to revert blocks 321 and 323 to OVL if the Indian firm was to make cash payment of $485 million signature bonus within 60 days.
“The model code of conduct (for the general election) would be in place soon and we have been sounded by the petroleum ministry that necessary approvals for the payment of signature bonus may not be possible,” a person in OVL said.
The company had in August 2005 won blocks 321 and 323, which hold in place reserves of two billion barrels each. But Nigeria awarded these blocks to Korean National Oil Corp. -led group claiming that the South Korean firm had a first right of refusal.
PTI
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IOC says Kingfisher owes it Rs 175 crore
Mumbai: State-run oil marketing firm Indian Oil Corp. Ltd (IOC) said Kingfisher Airlines Ltd owes it Rs 175 crore.
“They (Kingfisher) owe us Rs175 crores as of date,” G.C. Daga, director-marketing in IOC, said at a conference on Thursday. “Of the 175 crore, not all is overdue,” he added.
IOC is supplying fuel to the airline on a cash and carry mode of payment, he said.
—Reuters
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First Published: Thu, Feb 12 2009. 10 53 PM IST