Oil & Natural Gas Corporation Ltd.

Ministry of Environment and Forests (MOEF) has reportedly cleared two ONGC Kutch exploratory blocks. The company has received approval for 15 wells in these two blocks. Further, the company is planning invest Rs 1,200 crore in drilling wells in Kutch blocks.

Adani- Welspun has 40% holding in these Kutch exploratory blocks, while IOC holds 60% stake in the same.

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.