Alliance with Norway's Rocksource fuels ONGC

DALAL STREET SPIKES

Oil and Natural Gas Corporation (ONGC) rose 2.80 per cent to close at Rs 979.35 on Wednesday after the company announced that it has agreed to offer a 10 per cent participating interest in a deep-water block in eastern India to Norway's Rocksource.

The company made the announcement on September 16 after the market hours. ONGC claims that associating with Rocksource and application of its proprietary technology will reduce the risk associated with drilling deep-water wells in the block.