ONGC rubbishes reports of offering prominent fields through EoI

The state-run oil major denied media reports suggesting that it was offering its prominent fields through Expression of Interest (EoI).

In its clarification to the bourses on 18 November, ONGC said: "This release is in the context of the news carried in a certain segment of the media about ONGC offering its prominent fields through Expression of Interest (EoI). The 'news' about ONGC is incorrect. This release aims to clarify the position in this regard, in the interest of corporate governance of a listed company."

The statement clarified that ONGC had invited parties to participate in its ongoing 43 marginal fields bid-out tender and announced the launch of Production Enhancement Contracts for six other fields.

ONGC being a listed company, it is requested that such unfounded news, being without basis, may not be published, as such news could affect the share prices and involve regulatory issues. Through this communication, ONGC hopes to set to rest the entire speculation circulating on the issue, said the PSU Maharatna.

ONGC added that it has an established process to upgrade its portfolio with technology infusion and collaboration. As an integral part of this process, ONGC senior management has had several business meetings with various international companies and existing partners who are interested to invest in ONGC projects being offered and to strengthen collaborations. Such meetings during these events and participation are usual for industry players.

ONGC is India's largest integrated oil and gas company. ONGC is 60.41% owned by the Government of India. The state-run oil major's consolidated net profit surged 328.81% to Rs 18055.01 crore on 45.93% rise in net sales to Rs 122029.47 crore in Q2 FY22 over Q2 FY21.

Shares of ONGC ended 1.91% lower at Rs 154.30 on Thursday. The domestic stock market was shut yesterday, 19 November 2021 on account of Guru Nanak Jayanti.

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