ONGC rises as its arm secures another 3 year extension to explore oil & gas in Vietnamese block
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Oil & Natural Gas Corporation is currently trading at Rs. 175.75, up by 0.55 points or 0.31% from its previous closing of Rs. 175.20 on the BSE.
The scrip opened at Rs. 175.25 and has touched a high and low of Rs. 175.95 and Rs. 174.40 respectively. So far 53037 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 180.25 on 14-Aug-2023 and a 52 week low of Rs. 121.50 on 28-Sep-2022.
Last one week high and low of the scrip stood at Rs. 180.25 and Rs. 174.45 respectively. The current market cap of the company is Rs. 220972.60 crore.
The promoters holding in the company stood at 58.89%, while Institutions and Non-Institutions held 38.25% and 2.87% respectively.
Oil and Natural Gas Corporation's (ONGC) overseas arm -- ONGC Videsh (OVL) has secured another three-year extension to explore oil and gas in a Vietnamese block in the contested waters of the South China Sea. This is the eighth extension for OVL. The seventh extension to explore oil and gas was till June 15, 2023.
The company has so far not found any commercially recoverable oil and gas reserves in the block in the 17 years it has been exploring there but has continued presence there because of India's strategic interest in the South China Sea.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
