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ONGC surges 2.62%

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The stock gained 2.64 per cent to Rs 1,199.05, on reports the company found traces of oil reserve in which could increase the company’s total onshore oil production by 20 per cent. The new hydrocarbon structure located at in the area is likely to produce at least 1 million metric tonnes per annum (mmtpa) of oil.

This could be the largest onshore oil find for the company in the last one decade. The company has 1,200 drilling wells in Mehsana. The new location will require 500 wells to be drilled and the estimated investment for this would be Rs 500 crore.

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