ONGC share price gains 4% as co wins all 7 blocks

ONGC

Shares of Oil and Natural Gas Corporation (ONGC) share price added over 4 percent in the early trade on January 3 as the company bagged all seven oil and natural gas blocks on offer in the latest bid round that saw just eight bids coming in.

It has signed contracts for the seven blocks at an event where Oil Minister Dharmendra Pradhan and other ministry officials were also present.

ONGC was the sole bidder in five blocks in Madhya Pradesh and one in West Bengal and it was locked in competition with Oil India in one block in Rajasthan.

ONGC walked away with all the seven blocks on superior bids.

According to the Directorate General of Hydrocarbons (DGH), seven onland blocks were on offer in the fourth round of Open Acreage Licensing Policy (OALP) with an area of about 18,510 sq km.

At 10:04 hours, the counter was quoting at Rs 131.25, up Rs 3.2, or 2.5 percent on the NSE.

News Source:- MoneyControl

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