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ONGC in talks to buy 80 percent stake of GSPC

24 Dec 2016 Evaluate

Oil and Natural Gas Corporation (ONGC) and the Gujarat State Petroleum Corporation (GSPC) are in talks on a potential transaction for purchase by ONGC of GSPC’s stake and operatorship in NELP-III Block KG-OSN-2001/3 (Block) in Krishna Godavari (KG) Basin offshore.

In this regard, the company’s board considered the proposal and approved acquisition of the entire 80% Participating Interest (PI) of GSPC along with operatorship rights, at a purchase consideration of $995.26 million for Deen Dayal West Field in the 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.

ONGC Share Price

281.35 0.65 (0.23%)
07-May-2026 10:13 View Price Chart
Peers
Company Name CMP
ONGC 281.35
Oil India 455.95
Jindal Drilling&Inds 533.20
Deep Industries 461.60
Asian Energy Service 294.05
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