ONGC starts oil production from deep sea in KG Basin, PM Modi congratulated, action seen in stock
ONCG Oil Manufacturing in KG: Authorities oil and fuel firm Oil and Pure Gas Company (ONGC) has began oil manufacturing within the deep water block within the Krishna Godavari Basin within the Bay of Bengal. In keeping with the data given by the corporate on social media platform X, ONGC has began manufacturing from Cluster-2 venture in KG-DWN-98/2 block. The corporate will step by step enhance manufacturing from right here. It’s believed that this can assist it reverse the pattern of declining manufacturing through the years. Prime Minister Narendra Modi has additionally congratulated on this success of the oil firm. He wrote on Twitter that this can be a exceptional step in India’s vitality journey and promotes our mission of self-reliant India. This may even deliver many advantages to our economic system. In the meantime, Petroleum Minister Hardeep Singh Puri stated that the primary oil manufacturing has began from the complicated and troublesome block. With out giving any indication in regards to the present manufacturing, he stated that crude oil manufacturing is anticipated to be 45,000 barrels per day and fuel manufacturing to be 10 million cubic meters per day.
This can be a exceptional step in India’s vitality journey and promotes our mission of a self-reliant India. This may even deliver many advantages to our economic system. https://t.co/yaW7xozVQx
— Narendra Modi (@narendramodi) January 8, 2024 WindFall Tax: Authorities gave a blow to home oil corporations, once more elevated the tax, slight reduction on diesel-ATF
What did the Petroleum Minister say
Petroleum Minister Hardeep Singh Puri, utilizing the hashtag ONGC Jeetega to Bharat Jeetega on social media, wrote that below the management of the Prime Minister, India is shifting ahead because the quickest rising economic system. Our vitality manufacturing from the deepest reaches of Krishna Godavari can also be going to extend. First oil manufacturing has began from the complicated and troublesome deepwater KG-DWN-98/2 block situated off the coast of the Bay of Bengal. Manufacturing from that is anticipated to be 45,000 barrels per day and greater than 10 million cubic meters of fuel per day, which is able to contribute to vitality. The venture is anticipated to extend the present nationwide oil manufacturing by 7% and nationwide pure fuel manufacturing by 7%. Cluster-2 oil manufacturing was supposed to begin by November 2021, but it surely was delayed because of the Covid pandemic. ONGC has employed the floating vessel Armada Sterling-V to begin subsea oil manufacturing. It’s 70 p.c owned by Shapoorji Pallonji Oil and Gas and 30 p.c by Malaysia’s Bumi Armada. ONGC had set the primary deadline for Cluster-2 oil manufacturing as May 2023. This was later prolonged to August 2023, September 2023, October 2023 and at last December 2023.
ongc share value
What motion was seen within the inventory?
After the information of oil and fuel manufacturing in ONGC’s KG Basin, there was a pointy rise within the firm’s shares. Inside one and a half hours of market opening, the share value reached its highest stage of 52 weeks. ONGC inventory opened at Rs 218 at 9 am. Which reached Rs 220.80 at 10.20. Throughout buying and selling until 3 o’clock, the corporate’s shares have been buying and selling at Rs 218.40 with an increase of 0.90 p.c i.e. Rs 1.95.
Click Here To Join Our Telegram Channel
You probably have any issues or complaints relating to this text, please tell us and the article shall be eliminated quickly.
