ONGC nudges higher as unit discovers oil in Colombia

ONGC rose 1.27% to Rs 147.50 at 15:12 IST on BSE after the company's unit ONGC Videsh registered a significant discovery of oil in its onshore block in Colombia.

The announcement was made on Saturday, 5 January 2019.

Meanwhile, the S&P BSE Sensex was up 143.11 points, or 0.4% to 35,838.21

On the BSE, 3.77 lakh shares were traded in the counter so far compared with average daily volumes of 9.94 lakh shares in the past two weeks. The stock had hit a high of Rs 148 and a low of Rs 145.95 so far during the day. The stock hit a 52-week high of Rs 212.90 on 25 January 2018. The stock hit a 52-week low of Rs 134.75 on 11 December 2018.

ONGC Videsh (OVL), the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation (ONGC), has registered a significant discovery of oil in its onshore block CPO-5, Colombia, in Llanos Basin. OVL, which is operator, holds 70% stake in the block along with its Partner Petrodorado South America S.A. Sucursal (PDSA), Colombia (30%).

OVL has a significant presence in Colombian Oil & Gas sector and holds PI in 6 exploratory blocks in addition to a producing 50% joint venture company, Mansarovar Energy Colombia (MECL).

ONGC's net profit rose 61.08% to Rs 8264.61 crore on 47.58% increase in net sales to Rs 27989.17 crore in Q2 September 2018 over Q2 September 2017.

ONGC is the largest crude oil and natural gas company in India, contributing around 70% to Indian domestic production.

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