ONGC gains on commencing `First Oil` production from KG-DWN-98/2 Deepwater block in Krishna Godavari
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Oil & Natural Gas Corporation is currently trading at Rs. 219.95, up by 3.55 points or 1.64% from its previous closing of Rs. 216.40 on the BSE.
The scrip opened at Rs. 218.80 and has touched a high and low of Rs. 220.30 and Rs. 217.65 respectively. So far 335313 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 220.30 on 08-Jan-2024 and a 52 week low of Rs. 140.10 on 03-Feb-2023.
Last one week high and low of the scrip stood at Rs. 220.50 and Rs. 203.80 respectively. The current market cap of the company is Rs. 276137.13 crore.
The promoters holding in the company stood at 58.89%, while Institutions and Non-Institutions held 38.27% and 2.84% respectively.
Oil and Natural Gas Corporation (ONGC) has successfully commenced ‘First Oil’ production from the deep-water KG-DWN-98/2 Block, situated off the coast of Bay of Bengal. With commencement of this First Oil from ‘M - field’ on January 7, 2024, ONGC is completing Phase 2.
The flagship project is on track with final phase of project planned to be completed by June 2024 and then onwards commencement of gradual ramping up to reach planned peak production of 45,000 barrels of oil per day (bopd) and 10 MMSCMD of gas from the deep-water KG-DWN-98/2 Block.
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.
