ONGC net realization on crude in Q2 was $69-70/barrel

ONGC net realization on crude in Q2 was $69-70/barrel

New Delhi: State-run upstream firm Oil and Natural Gas Corp (ONGC) on Thursday said its Q2 net realisation on crude sales will be about $69-70 per barrel, the same it clocked in Q1.

ONGC Director (Finance) D K Sarraf said in Q1 the company’s gross realisation was $125 per barrel and after providing for subsidies the net realisation was $69.14 per barrel.

“In Q2, we expect the net realisation to be almost at the same level as in Q1," Sarraf said.

He said the company will be providing a loan to its overseas arm ONGC Videsh Ltd (OVL) at 6% rate of interest for acquisition of UK-listed Imperial Energy.

OVL had last month won approval of the Imperial board for its 1,250 pence a share bid (1.42 billion pounds) for acquiring the company which has assets in Tomsk region of Western Siberia and in Kastanai in north-central Kazakhstan.