ONGC jumps after its arm makes new discovery in Colombia

Oil & Natural Gas Corporation is currently trading at Rs. 136.75, up by 1.90 points or 1.41% from its previous closing of Rs. 134.85 on the BSE.

ongc shines on inking mou with exxon mobil
ongc shines on inking mou with exxon mobil

The scrip opened at Rs. 137.30 and has touched a high and low of Rs. 140.90 and Rs. 135.25 respectively. So far 568234 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 5 has touched a 52 week high of Rs. 194.60 on 08-Mar-2022 and a 52 week low of Rs. 108.50 on 20-Aug-2021.

Last one week high and low of the scrip stood at Rs. 140.90 and Rs. 130.00 respectively. The current market cap of the company is Rs. 172035.32 crore.

The promoters holding in the company stood at 58.91%, while Institutions and Non-Institutions held 26.27% and 14.82% respectively.

Oil and Natural Gas Corporation’s (ONGC) wholly owned subsidiary and overseas arm — ONGC Videsh (OVL) has made an oil discovery in the recently drilled well, Urraca-IX, in CPO-5 block, Llanos Basin, Colombia. Well, Urraca-1X was spudded on April 20, 2022 and drilled to target depth (TD) of 10956 ft., encountering 17 ft thick oil-bearing sands at a depth from 10201ft -10218 ft. During initial testing with Electrical Submersible Pump (ESP), fluid flowed at approximately 600 bbl/day with around 40-50% W/C and oil of 16 degree API. Oil discovery in the Lower Mirador play in this well opens up new areas for further exploration in the northern part of the block.

ONGC Videsh has earlier discovered commercial oil in the Lower Sand pay in Mariposa and Indico fields in the block in 2017 and 2018 respectively, which are currently commercially producing at 20,000 bbl oil per day.

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.

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