ONGC says FY11 net oil sales billing at $54 a barrel

State-run Oil and Natural Gas Corporation's net oil sales billing was at $54 a barrel in 2010-11 fiscal year, Chairman A.K. Hazarika told reporters on Friday.

"We were expecting net realisation to be about $59 a barrel but with this subsidy burden our net realisation would be about $54 a barrel," said Hazarika. In the previous year, ONGC's net realisation -- net proceeds after subsidies -- was at $55.94 a barrel, said Hazarika.