Read
Listen
Watch
Play
Find
Mail

  • Quotes

  • NAVs

  • News

  • Messages

  • Opinions

  • Notices

  • Videos
  Post a Message | Explore Forums  |  Browse Stock Messages  |  Hot Discussions  | Top rated Messages  | Top Boarders
Search: Messages    Stock    Boarder
 
Ads by Google
Moneycontrol.com >> Message Board >> View Messages >> ONGC
   You are here :     Moneycontrol     MMB      Stocks      ONGC
WINDFALL Cess to hit ONGC very much.. (1)   08-Jul-08 16:07Tracked by (0)  
Posted by:   Sensexxx on ( 08-Jul-08 16:07 )
Price : BSE: Rs 871.65 ( -1.74 % ), NSE: Rs. 867.70 ( -1.68 % )
Subir Raha Ex Chairman of ONGC said that the Ministry of Finance is the biggest beneficiary of windfall gains due to the high oil prices. He feels that the government could levy an additional cess. He said that the cess on ONGC is a specific tax, which is currently at Rs 2,500 per tonne.The windfall tax should act as a stabilisation fund for subsidies, Raha said. He also feels that the Govt has taken steps that allegedly violate NELP agreements.

MOREOVER,excerpts from previous report:

Private oil companies may have to pay windfall tax, reports CNBC-TV18\\`s Sajeet Manghat. If approved, this may impact earnings. Cairn, Essar and Reliance Industries may be the worst hit. Windfall tax will have to be imposed on exploration and production companies. There is no major private sector E&P company as all private E&P companies are in the preliminary stage of exploration. Barring Cairn, no private E&P company produces significant oil. Oil from private E&P firms is less than 5% of total requirement.

The major E&P company in the public sector space is ONGC. Across the board, this windfall tax will hit ONGC the most. The National Exploration and Licensing Policy and production sharing agreement signed till now for all oil and gas blocks will have to be changed. NELP & PSA are international contracts. Also, the government has a profit share in all oil and gas blocks.
Track Post |  Reply to this post | Track Boarder | Click if Offensive | Rate message

Feedback

2 queries on ONGC

To invest Rs 5000 cr with in 4 years - Does any of you guys have any idea how the drillin...
Ongc may not fall below 900.... - Dear Marketman What is your +12 months target o...

More from the Oil Drilling And Exploration Sector

Aban Offshore  |   Alphageo  |   Cairn India  |   Dolphin Offshor  |   GAIL  |   Hind Oil Explor  |   Jindal Drilling  |   Reliance Natura  |   Selan Explore  |   Shiv Vani Oil

Boarders tracking ONGC

jacintha jagtap  |   nakshatra2005  |   Bhag Muni  |   raparla  |   Guna  |   sowjanya  |   abhishek_kanase  |   arshads  |   leman  |   guptavikas1  |   usmanmalkani  |   sangov2000  |   tumkurkv  |   calculus  |   rayankal
 see more

News Updates on ONGC

BSE Announcements on ONGC - Oil & Natural Gas Corporation Ltd (ONGC) has infor...
Enter ONGC at Rs 960-1000: Gujral - Technical Analyst, Ashwani Gujral is of the view t...
BSE Announcements on ONGC - Oil & Natural Gas Corporation Ltd (ONGC) has infor...

CNBC TV18 CNN IBN CNBC Awaaz IBN 7 IBN LOKMAT