ONGC rose 0.78% to Rs 212.80 at 9:41 IST on BSE after its wholly-owned subsidiary completed the acquisition of 15% stake in Russia's JSC Vankorneft from Rosneft Oil Company.
The announcement was made after market hours yesterday, 31 May 2016.Meanwhile, the S&P BSE Sensex was up 106.60 points or 0.4% at 26,774.56
On BSE, so far 62,269 shares were traded in the counter as against average daily volume of 6.55 lakh shares in the past one quarter. The stock hit high of Rs 213.20 and low of Rs 211.85 so far during the day. The stock had hit a 52-week high of Rs 330 on 1 June 2015. The stock had hit a 52-week low of Rs 188 on 12 February 2016.
The large-cap company has equity capital of Rs 4277.75 crore. Face value per share is Rs 5.
ONGC announced that its wholly-owned subsidiary, ONGC Videsh (OVL), on 31 May 2016 completed the acquisition of 15% stake in Russia's JSC Vankorneft from Rosneft Oil Company. JSC Vankorneft is a company organized under the law of Russian Federation, which is the owner of Vankor Field and North Vankor license. Rosneft, the national oil company of Russia continues to hold the remaining 85% shares of JSC Vankorneft.
Earlier in September 2015, OVL had signed an agreement to acquire not less than 15% shares in JSC Vankorneft for $1268 million.
Vankor is Rosneft's (and Russia's) second largest field by production and accounts for 4% of Russian crude oil production. The daily peak production from the field is around 442,000 barrels of oil per day (bopd). With 15% shareholding, OVL's share of daily oil production would be about 66,000 bopd.
The present transaction strengthens OVL's presence in Russia and is consistent with its stated strategic objective of adding high quality international assets to its existing exploration & production (E&P) portfolio. This acquisition also has significant strategic importance to India, both in terms of augmentation of India's Energy Security, as well as adding a new dimension to the relationship between Rosneft and OVL besides further strengthening the cooperation between the two countries, the Indian company said.
ONGC's net profit rose 12.2% to Rs 4416.11 crore on 11.8% decline in total income to Rs 20628.90 crore in Q4 March 2016 over Q4 March 2015.
ONGC is India's largest oil and gas exploration firm by sales.
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