Oil Exploration ONGC

Current trend in global oil & gas prices augurs well for ONGC, according to analysts.

The collaboration areas focus on the Krishna Godavari and Cauvery Basins in the eastern offshore and the Kutch-Mumbai region in the western offshore

Higher oil realisations and modest production would spur up ONGC's earnings before interest tax and depreciation and amortization (EBITDA) by 1.8x in the October-December quarter.

Oil and Natural Gas Corporation (ONGC) on Wednesday said it will invest over Rs 13,000 crore for exploration work across Assam in the next five years. The company said it has signed an agreement with the Assam government in this regard. "ONGC has signed an MoU with the Government of Assam for investing more than Rs 13,000 during next five years in Assam for enhancing its exploration and production (E&P) activities," ONGC said in a release. This investment is being made for drilling more than 220 oil and gas wells -- a mix of development and exploration ones -- across the state, it said. "ONGC is giving impetus to its activities in alignment with the Prime Minister's call for reducing import by 10 per cent by 2022, and the North East Hydrocarbon Vision 2030," the release said. The company recently received green nod to drill six development wells in five mining lease blocks in Jorhat and Golaghat districts of Assam at an estimated cost of Rs 240 crore, it said. ONGC .

Selan Exploration, Hindustan Oil Exploration Company and Jindal Drilling were up between 5% and 6 on BSE.