India ONGC: No Bombay High Output Loss Seen On Ship Pullout
NEW DELHI, Jul 20, 2007 (Dow Jones Commodities News)
India's state-run Oil & Natural Gas Corp. (500312.BY) Friday said it doesn't expect any production loss from its Bombay High oil fields due to pulling out 30 of its ships from the Arabian sea.
"I don't see any impact on production," ONGC Chairman R.S. Sharma told reporters when asked whether there will be any output loss due to the ships being pulled out for failing to meet safety requirements.
ONGC's Bombay High accounts for nearly 40% of the company's total crude output of 29 million tons per year
Sharma also said that the recent rise in the Indian rupee against the U.S. dollar is hurting the oil sales billing of the company.
He added that the subsidy burden of the company is likely to be lower this year, but didn't give further details.
ONGC sells crude to state-run oil marketing companies at subsidized rates due a government directive.
In the last fiscal year, which ended March 31, ONGC's subsidy burden was around INR51 billion.
Copyright (c) 2007 Dow Jones & Company, Inc.
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