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ONGC in talks to buy five blocks from GSPC: Report

17 Aug 2018 Evaluate

Oil and Natural Gas Corporation (ONGC) is reportedly in preliminary discussion to purchase five blocks from Gujarat State Petroleum Corporation (GSPC). This discussion is in backdrop of the company acquiring 80% stake in GSPC’s Deen Dayal block in the Krishna Godavari Basin in December 2016 for a consideration of Rs 7,738 crore.

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.

Peers
Company Name CMP
ONGC 221.80
Oil India 450.65
Jindal Drilling&Inds 594.65
Deep Industries 792.45
Asian Energy Service 470.70
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