Introduction:
Leading oil and gas company has partnered with bp to enhance production from India’s largest offshore oil field. The collaboration aims to stabilize declining output, optimize recovery, and drive long-term growth through advanced reservoir management and technological expertise.
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Share price movement of ONGC:
On February 11, 2025, Oil and Natural Gas Corporation Ltd (ONGC) opened at ₹242.55, unchanged from its previous close. The stock reached a high of ₹242.75 (up 0.08%) and a low of ₹237.15. By 1:16 PM, it traded at ₹237.70, with a market cap of ₹2,99,033.24 crore.
ONGC Partners with bp to Boost Mumbai High Production:
ONGC and bp have signed a contract to enhance production from Mumbai High, India’s largest offshore oil field. Under this agreement, bp will serve as the Technical Services Provider (TSP), helping stabilize declining production and restore growth while ONGC retains ownership and operational control.
Leveraging its expertise in managing large oil fields, bp will optimize oil recovery through subsurface model reviews, system optimizations, and improved reservoir management. The collaboration aims to significantly boost domestic oil and gas production, increasing ONGC’s revenue while ensuring higher service fee returns for bp.
A team of bp technical experts will commence work by March 2025, supported by established senior and joint management teams. Honourable Minister Shri Hardeep Puri hailed the partnership as a milestone in India’s energy self-sufficiency, emphasizing its role in securing long-term energy security.
Recent news on ONGC:
As of January 31, 2025, Oil and Natural Gas Corporation (ONGC) is set to begin exploratory drilling for hydrocarbons near the Ganga in Ballia district. Under OALP-VI, ONGC will invest ₹85 crore, with exploration rights valid until April 2026.
Stock performance of ONGC for Period of 1 week, 6 months and 1 year:
Oil and Natural Gas Corporation Ltd (ONGC) recorded a 4.58% decline over the past week, while its six-month performance saw a significant 26.1% drop. Over the past year, the stock fell 5.99%, reflecting ongoing challenges in the oil and gas sector.
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Shareholding pattern of ONGC:
| All values in % | Dec 2024 | Sep 2024 | Jun 2024 |
| Promoter | 58.90% | 58.90% | 58.90% |
| FII | 7.50% | 8.10% | 8.60% |
| DII | 30% | 29.30% | 29.10% |
| Public | 3.90% | 3.70% | 3.50% |
About ONGC:
Oil and Natural Gas Corporation Ltd (NSE: ONGC) is India’s leading oil and gas explorer, holding the largest mining license and exploration acreage. It produces 63% of the country’s oil and gas, maintaining a strong Reserve Replenishment Ratio for over a decade.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
