ONGC Share Price Falls For the 2nd Consecutive session; Down 2%

At 10:05 AM on the NSE, Oil & Natural Gas Corporation’s share price stood at ₹259.40, down by ₹3.78 or 1.44% from the previous close of ₹263.18. The stock opened at ₹264.00, reached a high of ₹265.05, and a low of ₹259.27 during the session. The share price declined 3% in yesterday’s trade.

Recent Business Development 

ONGC has onboarded BP Exploration (Alpha) Ltd, a wholly-owned subsidiary of BP Plc, as a technical services provider for enhancing production from the Mumbai High field.

The field, discovered by ONGC in 1974, has been a significant contributor to India’s crude oil and natural gas production. Despite various enhancement schemes over the decades, production challenges persist, requiring more advanced recovery technologies.

Through an international competitive bidding process, ONGC selected BP to implement innovative recovery techniques.

BP Aims for a Significant Production Increase

BP aims to increase crude oil production by approximately 44% and gas production by around 89% over a 10-year contract period.

This increase is expected to generate up to USD 10.30 billion in additional oil and gas revenue, with a significant contribution to the Government of India’s exchequer.

The enhanced production is expected to begin in FY26, with full-scale visibility from FY28, supporting ONGC’s continued role in India’s energy sector, ONGC said in a press release on the stock exchanges.

About ONGC 

ONGC (Oil and Natural Gas Corporation) is India’s largest crude oil and natural gas producer, contributing around 71% to the country’s domestic production. A Maharatna company, ONGC has in-house capabilities across all aspects of exploration, production, and related oil-field services.

ONGC Videsh, a subsidiary, handles international oil and gas assets in 15 countries, while ONGC also owns Mangalore Refinery and Petrochemicals and Hindustan Petroleum Corporation Limited, further enhancing its reach in India’s energy sector.

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