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Under-recovery may force ONGC to borrow from market
April, 27th 2012

Rising under-recovery may force ONGC to borrow from the market for its operations, the state-run energy explorer's CMD said on Thursday.

"Revised cess, service tax and excise structure will bring down ONGC's profit before tax by Rs 5,000 crore," Sudhir Vasudeva said, adding that the company has requested the government to offset it through subsidy.

According to Vasudeva, the company's burden in the first nine months of 2011-12 increased to Rs 30,296 crore, as against Rs 24,800 crore for the full previous fiscal. "Against an average crude price of $115-117 per barrel, our net realisation after subsidy has been only $58.68," he said, adding that ONGC is operating through utilisation of internal accruals and reserves.

The energy explorer is expected to set out a road map for the company to retain leadership in the geographies where it is present.

The plan under consideration for the past three months will redefine roles for middle-level executives, who will be given ownership of tasks and assignments.

Vasudeva said the oil ministry has already conveyed ONGC's concerns to the ministry of finance.

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