ONGC gains as arm completes additional acquisition of 10% interest in Rovuma Area 1 Offshore Block

Oil & Natural Gas Corporation Ltd. | Oil Exploration | Oil & Gas | BSE: 500312 | NSE: ONGC

03 Mar 2014 Evaluate

ONGC is currently trading at Rs. 291.55, up by 7.60 points or 2.68% from its previous closing of Rs. 291.55 on the BSE.

The scrip opened at Rs. 290.90 and has touched a high and low of Rs. 291.00 and Rs. 288.70 respectively. So far 6,020 shares were traded on the counter.

The BSE group 'A ' stock of face value Rs. 5 has touched a 52 week high of Rs. 353.00 on 28-Jun-2013 and a 52 week low of Rs. 234.40 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 292.85 and Rs. 276.85 respectively. The current market cap of the company is Rs. 2,47,039.00 crore.

The promoters holding in the company stood at 69.23% while Institutions and Non-Institutions held 17.28% and 13.50% respectively.

Oil and Natural Gas Corporation’s (ONGC) - overseas arm - ONGC Videsh (OVL) has completed the acquisition of 10% participating interest in the Rovuma Area 1 offshore Block from Anadarko Moçambique Area 1 (Anadarko). OVL had signed definitive agreements on August 24, 2013 with Anadarko to acquire this interest.

The acquisition of an additional 10% Interest in Area 1 follows earlier announcement of a completion of a joint acquisition, with Oil India (OIL), of an indirect 10% interest in Area 1, from Videocon Mauritius Energy. BPRL Ventures Mozambique B.V. (BPRL), another Indian PSU already holds a 10% interest in Area 1.

Area 1 covers approximately 2.6 million acres in the deep-water Rovuma Basin, offshore Mozambique and represents the largest natural gas discoveries in offshore East Africa with estimated recoverable resources of 45 to 70 trillion cubic feet. The partners in Area 1 include Anadarko (operator of the project), ENH (the National Oil Company of Mozambique), Mitsui, BPRL, BREML and PTTEP.

The acquisition marks OVL’s entry into this emerging world-class offshore natural gas basin with significant future upside potential. Area 1 has the potential to become one of the world’s largest LNG producing hubs and is strategically located to supply LNG to the growing Indian gas market.

ONGC Share Price

246.20 0.85 (0.35%)

19-Jun-2026 16:59 View Price Chart

Peers

Company Name	CMP
ONGC	246.20
Oil India	418.05
Jindal Drilling&Inds	580.50
Deep Industries	486.40
Asian Energy Service	368.15
View more..

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