No impact on investment due to slowdown: ONGC chief

Agartala, Feb 19 () State-run Oil and Natural GasCorporation on Wednesday said its investments have not beenaffected due to slowdown in the country's economy.

Speaking to reporters here, ONGC Chairman and ManagingDirector Shashi Shanker said the investment of the company arelong-term and take time to yield profits.

"Our investments are long-term and it takes long forthem to yield profits but our fundamentals are very strongboth in oil and natural gas and we are progressing well," hesaid.

ONGC has always been a profit making compay withgovernment stake of 62 per cent and it has made large-scaleforeign investments in Middle East, different countries ofAfrica and even in Venezuela.

Asked whether the current economic slowdown hasaffected its investments, he said, "Economic situation has notimpacted our investment. We have had Rs 1.5 lakh crore capitalinvestment in last five years with nearly Rs 30,000 croreadditional investment every year.

Speaking on the the company's share price fall, hesaid it might have happened due to adverse environment forcompanies dealing with fossil fuels.

"A recent study showed that oil and gas company sharesare at 10 year low across all companies. In 2019-20, someinternational companies suffered loss," the CMD said.

One of reasons responsible for the share price declinemight be the successive ETF, Shanker said.

He said, the the company has given exploration drivefor augmenting gas reserve in Tripura.

Tripura now produces 31 per cent of onshore gasproduction in the country and 4.6 per cent of total naturalgas. JOYBDC BDC

(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)

Add Comment()
Comments ()
Sort By:
Be the first one to comment.
We have sent you a verification email. This comment will be published once verification is done.