ONGC is seeking compensation over the KG basin dispute: CMD

ONGC is seeking compensation over shifting of gas from the Krishna-Godavari basin by Reliance Industries (RIL), but whether we will get it or not is yet to be decided, says DK Sarraf, CMD of the ONGC. Last week, the AP Shah report on ONGC and Reliance Industries mentioned that the latter has made unfair gains from producing ONGC’s migrated gas while also blaming the company for neglecting the issue for nearly six years. State-owned Oil and Natural Gas Corp (ONGC) reported a 21 percent drop in its June quarter net profit as oil prices slumped and its output fell. Net profit at Rs 4,233 crore in April-June was 21.14 percent lower than Rs 5,368 crore in the same period a year ago.(Disclosure: Network 18, which publishes moneycontrol.com, is a part of the Reliance Group.)Watch video for more..