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ONGC plans to expand footprint in the Russian market: Report

13 Oct 2016 Evaluate

ONGC is reportedly planning to expand its footprint in the Russian market. The company eyeing the same, as supply of crude oil in the global market exceeds demand by around 1.2 million barrels per day.

Recently, the company had inked a preliminary agreement to take an operating stake in Gujarat government firm Gujarat State Petroleum Corp (GSPC)’s KG basin gas 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 with current market capitalization of about $31 billion.

Peers
Company Name CMP
ONGC 221.65
Oil India 452.60
Jindal Drilling&Inds 598.50
Deep Industries 797.15
Asian Energy Service 480.45
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