ONGC rises on getting green nod for drilling 22 exploratory wells in Gujarat

Oil & Natural Gas Corporation Ltd. | Oil Exploration | Oil & Gas | BSE: 500312 | NSE: ONGC

07 Apr 2016 Evaluate

Oil & Natural Gas Corporation is currently trading at Rs. 207.65, up by 1.85 points or 0.90% from its previous closing of Rs. 205.80 on the BSE.

The scrip opened at Rs. 209.50 and has touched a high and low of Rs. 209.50 and Rs. 206.75 respectively. So far 107594 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 343.00 on 05-May-2015 and a 52 week low of Rs. 188.00 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 217.40 and Rs. 204.00 respectively. The current market cap of the company is Rs. 177697.53 crore.

The promoters holding in the company stood at 68.93% while Institutions and Non-Institutions held 17.49% and 13.57% respectively.

According to the proposal, wells would be drilled in blocks CB-CNN-2010/1, 6 and 9, which were awarded to ONGC way back in March 2012 through the NELP-9 bidding process. The petroleum exploratory licence to start the activities as per the production sharing contract (PSC) was granted in February 2013. The initial contract period is seven years.

The clearance has been granted only for exploratory drilling of 22 wells. In case development drilling is to be done in future, the company should take prior clearance from the ministry. The total cost of the project is Rs 350 crore and each well will be drilled up to a depth of 3,000 metres.

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 with current market capitalization of about $31 billion.

ONGC Share Price

289.80 -3.00 (-1.02%)

05-May-2026 16:59 View Price Chart

Peers

Company Name	CMP
ONGC	289.80
Oil India	476.15
Jindal Drilling&Inds	534.45
Deep Industries	479.00
Asian Energy Service	317.85
View more..

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