ONGC jumps on eyeing offshore wind energy projects

Oil & Natural Gas Corporation is currently trading at Rs. 120.25, up by 0.15 points or 0.12% from its previous closing of Rs. 120.10 on the BSE.

The scrip opened at Rs. 120.15 and has touched a high and low of Rs. 120.70 and Rs. 119.00 respectively. So far 192199 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 5 has touched a 52 week high of Rs. 128.45 on 15-Jun-2021 and a 52 week low of Rs. 64.15 on 29-Oct-2020.

Last one week high and low of the scrip stood at Rs. 120.70 and Rs. 113.40 respectively. The current market cap of the company is Rs. 150334.34 crore.

The promoters holding in the company stood at 60.41%, while Institutions and Non-Institutions held 25.66% and 13.93% respectively.

Oil and Natural Gas Corporation (ONGC) is eyeing generating electricity from wind at its vast offshore acreage as it looks to augment its renewable energy portfolio. ONGC has oil and gas fields both in the Arabian Sea and Bay of Bengal. That experience of operating in shallow and deep-sea is now being tapped to set up wind turbines to generate electricity that could be wired to land. Last year, ONGC signed an MoU with India’s largest electricity generator NTPC to explore setting up offshore wind projects along with the 7,600-km coastline.

Offshore windmills as almost twice as efficient as onshore wind turbines. But the cost per MW for offshore turbines is higher because of stronger structures and foundations needed in marine environments. The government has set a target of 5 GW of offshore wind installations by 2022 and 30 GW by 2030.

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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