ONGCShares jumped back into positive territory in early trading on Monday, seemingly ending a four-day losing streak.
What happened: The state-run company informed the stock exchanges on Sunday that it has started production from its fifth oil well in block KG-DWN-98/2. The production has been started using a floating production, storage and offloading (FPSO) vessel, which will enable ONGC to start transporting and selling associated gas.
Oil production began in January, initially using four of the 13 wells. Gas production is also underway, with three of the seven wells currently in operation.
See also: How to check Orient IPO allocation status
Last week, the company’s board approved an additional investment in ONGC Petro additions Limited (OPaL), increasing ONGC’s stake in OPaL to 92%. This move is in line with ONGC’s broader strategy to strengthen its presence in the energy sector.
In addition, on August 19, ONGC Videsh, the overseas arm of ONGC, secured a 16-year extension of its oil and gas production operations in Vietnam, underscoring ONGC’s commitment to expanding its global energy footprint.
Price promotion: ONGC share price rose 2.26% to close at ₹326.10 in early trading hours on Monday.
Read next: What’s happening with RVNL stock price today?
Disclaimer: This content was created in part with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Don’t miss anything on the stock market. Get real-time updates on the most important stock movements and trading ideas on Benzinga India Telegram Channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
