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ONGC advances on the bourses

Oil & Natural Gas Corporation is currently trading at Rs. 167.00, up by 5.95 points or 3.69% from its previous closing of Rs. 161.05 on the BSE.

The scrip opened at Rs. 167.00 and has touched a high and low of Rs. 167.00 and Rs. 167.00 respectively. So far shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 5 has touched a 52 week high of Rs. 185.00 on 24-Sep-2018 and a 52 week low of Rs. 127.90 on 14-Feb-2019.

Last one week high and low of the scrip stood at Rs. 171.65 and Rs. 159.35 respectively. The current market cap of the company is Rs. 202605.40 crore.

The promoters holding in the company stood at 64.25%, while Institutions and Non-Institutions held 22.20% and 13.55% respectively.

ONGC has signed Memorandum of Association (MoU) with Indian Oil Corporation (IOC) for CO2 based Enhanced Oil Recovery (EOR) by injecting CO2 captured from IOC’s Koyali refinery. The MOU is aimed to establish a framework for mutually beneficial cooperation in the area of CO2-EOR as a mode of Carbon Capture Utilization and Storage (CCUS). The common objective is to address some of the biggest challenges of country in particular & world at large, namely energy security and climate change.

The collaboration under this MoU focuses on development of CO2 Capture plant at IOC’s Koyali Refinery with appropriate Carbon capture technology, development of business model, increasing domestic oil production through CO2-EOR in Gandhar field and inclusion of this project as part of national emission curtailment measure aimed at supporting country’s low-carbon development goals.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

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