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RS Sharma, Former Chairman of ONGC said that he expects clarity on subsidies in the next 4 weeks before ONGC FPO hits the market. ONGC share price is under pressure due to low investor sentiment. He feels that the dispute with Cairn India can be resolved only through mutual discussion. Delay in clearance to the deal is hitting the investor sentiment towards India, he added.
ONGC’s Q3FY11 performance was stellar. The oil major’s performance was aided by Rs 1900 crore gas pool income. Its crude volumes rose on YoY basis. There were lower than expected dry well write-offs. DD&A was lower by Rs 1,000 crore on a YoY basis. Net realisations stood at $ 64.8/bbl and were highest in the last 2.5 years.
In a deal with Cairn-Vedanta, there is an earnings risk of upto 10% for ONGC. The company has paid royalty of Rs 800 crore on Rajasthan production. ONGC believes that it has pre-emptive rights. It feels that the royalty burden on Rajasthan production is cost-recoverable.
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