Shares of Oil and Pure Gasoline Company Ltd (ONGC) are buying and selling flat after touching a day’s excessive of Rs 242.51 on twenty ninth July, after ONGC, together with BP Exploration (Alpha) Ltd and Reliance Industries Ltd (RIL), introduced yesterday that it had entered right into a joint working settlement (JOA) for offshore exploration of Block GS-OSHP-2022/2, awarded underneath the Open Acreage Licensing Coverage (OALP) bid spherical 9.
The settlement was signed on twenty eighth July, 2025, at ONGC’s Deendayal Urja Bhavan in New Delhi. The offshore block, positioned within the Saurashtra Basin, spans 5,454 sq. kilometres and is assessed as a Class II basin.
ONGC will function the block, with the consortium set to start exploration to guage its hydrocarbon potential.
Individually, ONGC authorised a true-up quantity of as much as Rs 5,082 crore for FY26-27 for its subsidiaries within the Space 1 Mozambique LNG undertaking. ONGC Videsh holds a 16% stake on this undertaking by step-down items OVRL and BREML.
Of the whole, BREML will spend Rs 1,270.62 crore in FY26 and Rs 635.31 crore in FY27.
At 2:00 PM, the shares of ONGC have been buying and selling 0.46% larger at Rs 241.56 on NSE.
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