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ONGC to go solo on 20% stake acquisition in the Rovuma gas block in Mozambique

06 Jun 2013 Evaluate

Oil and Natural Gas Corporation (ONGC) has decided to go solo on 20% stake acquisition in the Rovuma basin gas block in Mozambique. The company is not in talks with any global major to share the cost of acquisition, which is estimated to the worth of $5-6 billion, as funds are not a constraint for the company.

In a separate development, the company also in the process of deciding upon an investment of Rs 25,000 crore for setting up a gas-processing terminal in Maharashtra along with a gas-based fertiliser plant or a 2,200- MW power plant.

ONGC is a premier oil and gas company in India, accounting for 71% of the country’s crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. GoI is the majority shareholder in ONGC, with a 69% equity stake as of now.

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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