Oil and Natural Gas Corporation (ONGC) has moved higher by over 3% at Rs 265 on back of heavy volumes on reports that US-based ConocoPhillips is in talks with state-run oil exploration firm to pick up stake in more than one of its ultra-deep water blocks.
The stock opened at Rs 260 and has seen over three-fold jump in trading volumes. A combined 3.38 million shares have already changed hands on the counter so far against an average around one million shares that were traded daily in past two weeks.
“US' third largest energy giant, has examined 19 of its deep water blocks and would shortly decide which ones it plans to pick up a stake in,” the Business Standard report suggests.
Meanwhile, Petroleum Minister Veerappa Moily on Tuesday said that Russia's Rosneft has invited ONGC Videsh, the overseas investment arm of ONGC to jointly explore two blocks in the Sea of Okhotsk, in Russia.
