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ONGC surges on entering into strategic partnership with Inpex Corporation

16 Nov 2012 Evaluate

ONGC is currently trading at Rs. 257.70, up by 4.20 points or 1.66% from its previous closing of Rs. 253.50 on the BSE.

The scrip opened at Rs. 253.00 and has touched a high and low of Rs. 257.90 and Rs. 252.30 respectively. So far 1, 87,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 303.90 on 22-Feb-2012 and a 52 week low of Rs. 240.10 on 23-May-2012.

Last one week high and low of the scrip stood at Rs. 258.55 and Rs. 251.80 respectively. The current market cap of the company is Rs. 2, 20,474 crore.

The promoters holding in the company stood at 69.23% while Institutions and Non-Institutions held 17.00% and 13.78% respectively.

Oil & Natural Gas Corporation (ONGC) and Inpex Corporation (INPEX), Japan’s largest oil companies have entered into a strategic partnership for exploration of hydrocarbons in one of the acreages in KG basin. Both companies have inked a Farm-out Agreement at ONGC’s corporate head-quarters in New Delhi.

INPEX has acquired a 26% participating interest farmed-out by ONGC in the exploration block KG-DWN-2004/6, located in the deep waters of Krishna Godavari Basin in the Bay of Bengal. ONGC continues as Operator of the Block with a 34% participating interest in consortium with existing partners GAIL (India) (10%), Gujarat State Petroleum Corporation (10%), Hindustan Petroleum Corporation (10%) and Oil India (10%). Respective Boards of ONGC and INPEX Corporation have already approved the proposal.

The block KG-DWN-2004/6, awarded to an ONGC-led consortium under the NELP-VI licensing round, is located some 300 km off the Andhra Pradesh coast and covers an area of more than 10,000 sq kms with a water depth of approximately 3,000 m. Operator ONGC has completed most of the phase-I exploration programme in the block except drilling of one well which is to be taken up.

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
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