'Detailed assessment of the discoveries is in progress,” the company said in a statement.
With these discoveries, ONGC continues its impressive streak in the OALP blocks by making new discoveries in consecutive years.
ONGC director (exploration) Sushma Rawat said that with these notable findings in the OALP I and OALP III rounds, ONGC reaffirms its exploration commitment to unlocking the vast potential of India's hydrocarbon resources along with reserves accretion, strengthening the nation's energy security.
Maharatna Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of December 2022.
The state-owned oil & exploration company's standalone net profit rose 26% to Rs 11,044.73 crore on 35.5% increase in revenue from operations to Rs 38,583.29 crore in Q3 FY23 over Q3 FY22.
The scrip was currently trading 1.02% lower at Rs 165.40 on the BSE.
In early trade, the stock has gained 1.11% to hit the day's high at Rs 168.95, which is a 52-week high for the counter.