Oil and Natural Gas Corporation Ltd (ONGC), India’s largest oil and gas exploration company, today said its profit margins are under pressure because of low crude oil prices, but it would not impact the planned expansion.
“Today’s prices are not comfortable for us. Margins are under severe pressure,” said R S Sharma, chairman and managing director of ONGC. He also added that this however has not affected the company’s investment plans as yet, but if the current prices of crude oil continue for long at their present level, the company might have to review its plans.
“Though we have not put our investment plans on hold, but we are constantly carrying out review of our investments,” he said.