{"id":377895,"date":"2020-10-12T09:26:36","date_gmt":"2020-10-12T03:56:36","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=377895"},"modified":"2020-10-12T16:48:52","modified_gmt":"2020-10-12T11:18:52","slug":"ongc-sees-rs-6000-7000-crore-loss-on-gas-business-2","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/ongc-sees-rs-6000-7000-crore-loss-on-gas-business-2\/","title":{"rendered":"ONGC sees Rs 6,000-7,000 crore loss on gas business"},"content":{"rendered":"<p>India&#8217;s top oil and gas producer ONGC on Friday said it is losing Rs 6,000-7,000 crore on natural gas business after the government-mandated rates for the fuel dropped to a decade low. <\/p>\n<p>The government-mandated rates are way below the cost of production of $3.5-3.7 per million British thermal unit, Oil and Natural Gas Corp (ONGC) Director (Finance) Subhash Kumar said. <\/p>\n<p>Every dollar reduction in gas price leads to a revenue loss of about Rs 5,200 crore and a Rs 3,500 crore on profit.<br \/>\n&#8220;Our losses will be in the order of Rs 6,000-7,000 crore in current fiscal,&#8221; he said.<\/p>\n<p>ONGC has been incurring losses on the 65 million standard cubic meters per day of gas it produces from domestic fields after the government in November 2014 introduced a new gas pricing formula that had &#8220;inherent limitations&#8221; as it was based on pricing hubs of gas surplus countries such as the US, Canada, and Russia.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India&#8217;s top oil and gas producer ONGC on Friday said it is losing Rs 6,000-7,000 crore on natural gas business after the government-mandated rates for the fuel dropped to a decade low. The government-mandated rates are way below the cost of production of $3.5-3.7 per million British thermal unit, Oil and Natural Gas Corp (ONGC) Director (Finance) Subhash Kumar said. Every dollar reduction in gas price leads to a revenue loss of about Rs 5,200 crore and a Rs 3,500 crore on profit. &#8220;Our losses will be in the order of Rs 6,000-7,000 crore in current fiscal,&#8221; he said. ONGC [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[146,130,177],"tags":[],"class_list":["post-377895","post","type-post","status-publish","format-standard","hentry","category-deccan-herald-newspapers","category-newspapers","category-oil-gas-deccan-herald-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/377895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=377895"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/377895\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=377895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=377895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=377895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}