Public sector The oil and gas company ONGC has entered into a strategic agreement with the UK veteran company BP to excavate strategraphic wells. Strategraphic wells are mainly dug to gather information about the inner layers of the ground so that the possibility of petroleum and gas reserves can be tested there. Oil and Natural Gas Corporation (ONGC) said in a statement that these special wells will be excavated in offshore basin areas such as Andaman, Mahanadi, Saurashtra and Bengal as part of this partnership with BP.
Design, geological analysis will help British company BP
In the presence of Union Petroleum and Natural Gas Minister Hardeep Singh Puri, a memorandum was signed to this effect during the ‘Energy Dialogue 2025’ program. Petroleum Secretary Pankaj Jain said that this is the first initiative to excavate strategraphic wells. He informed that ONGC will invest in this project while BP will provide expertise like design, selection and geological analysis. BP India chief Karthikeya Dubey said that these cooperation for the discovery of oil and gas in the deep maritime sector can open new possibilities.
ONGC shares closed with an edge on Thursday
Let us tell you that ONGC shares closed on BSE by Rs 1.00 (0.41%) on Thursday at a price of Rs 243.90 amidst the decline in the stock market. During the trading yesterday, the shares of this government company reached Intrade Low of Rs 242.85 to Intrade High of Rs 244.50. The current price of the company’s shares is far below its 52 week high. According to BSE data, ONGC shares have 52 weeks high of Rs 344.60, while its 52 week is Rs 205.00. The current market cap of this public sector oil and gas company is Rs 3,06,833.01 crore.
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