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ONGC gains on plans to forge partnership with ConocoPhillips Co

30 Mar 2012 Evaluate

ONGC is currently trading at Rs. 262.70, up by 1.80 points or 0.69% from its previous closing of Rs. 260.90 on the BSE.

The scrip opened at Rs. 261.00 and has touched a high and low of Rs. 265.30 and Rs. 259.70 respectively. So far 334972 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 325.50 on 29-Apr-2011 and a 52 week low of Rs. 226.95 on 15-Jul-2011.

Last one week high and low of the scrip stood at Rs. 271.50 and Rs. 254.10 respectively. The current market cap of the company is Rs. 226249.94 crore.

The promoters holding in the company stood at 69.23% while Institutions and Non-Institutions held 17.06% and 13.72% respectively. 

After few months of negotiations, state-controlled Oil and Natural Gas Corporation (ONGC) will sign an agreement with US energy conglomerate ConocoPhillips Co. for cooperation -including equity partnership- in shale gas assets and deepwater oil and gas blocks. The ONGC-ConocoPhillips tie-up is expected be one of the largest transactions in the Indian oil and gas industry.

Both the companies will begin cooperating in the field of shale gas through joint studies of opportunities in India, North America and other regions. Further, the company will also consider offering a stake in the deepwater hydrocarbon blocks it holds off the eastern coast of India to ConocoPhillips.

In February 2011, Reliance Industries (RIL) entered into a similar partnership with UK-based energy conglomerate BP Plc as it sold a 30% stake in 21 oil and gas blocks for $7.2 billion.

In a recent development, ONGC has been awarded six blocks by Ministry of Petroleum and Natural Gas, Government of India under NELP IX. Of the six blocks, the company has bagged four as operator and two as minority partner. Besides, its bids were rejected for 8 areas including five deep-sea blocks.

ONGC Share Price

283.95 1.20 (0.42%)
17-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
ONGC 283.95
Oil India 470.10
Jindal Drilling&Inds 540.15
Deep Industries 476.90
Asian Energy Service 306.05
View more..

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