Oil and Natural Gas Corporation (ONGC) has rallied nearly 3% at Rs 282 on reports that the state-owned oil exploration and production firm finds rich reserves of oil in KG Basin block.
“One of ONGC blocks in the Krishna-Godavari (KG) basin off the Andhra Pradesh coast, close to Reliance Industries’ much-touted KG-D6 field, having been found to hold reserves four times the previous estimate, at 100 million tonnes (mt) or 700 million barrels,” the Financial Express report suggests.
The oil was struck in three out of six appraisal wells drilled in the block.
The company sees a further upside to oil reserves is possible and the estimate is subject to (upward) revision as two more appraisal wells remaining to be drilled, added reported quoting Narendra Verma, ONGC’s director (exploration).
The stock opened at Rs 277 and touched high of Rs 283 on NSE. A combined 1.27 million shares change hands on the counter till 1045 hours on both the exchanges.
“One of ONGC blocks in the Krishna-Godavari (KG) basin off the Andhra Pradesh coast, close to Reliance Industries’ much-touted KG-D6 field, having been found to hold reserves four times the previous estimate, at 100 million tonnes (mt) or 700 million barrels,” the Financial Express report suggests.
The oil was struck in three out of six appraisal wells drilled in the block.
The company sees a further upside to oil reserves is possible and the estimate is subject to (upward) revision as two more appraisal wells remaining to be drilled, added reported quoting Narendra Verma, ONGC’s director (exploration).
The stock opened at Rs 277 and touched high of Rs 283 on NSE. A combined 1.27 million shares change hands on the counter till 1045 hours on both the exchanges.
