Shares of Oil and Natural Gas Corporation (ONGC) hit their 52-week high in early trade on Friday after the country’s largest oil and gas explorer said that it has discovered crude oil and natural gas in two blocks in Mumbai offshore. The stock has been rising for the last five sessions and gained as much as 5.4% during the same period as compared to 0.25% and 0.28% gain in the BSE Oil & Gas index and BSE Sensex, respectively.

Continuing its gaining streak, ONGC shares opened higher at ₹168.35 against the previous closing price of ₹167.10 on the BSE. In the early trade, the oil and gas stock gained as much as 1.1% to ₹168.95, with 7 lakh shares changing hands over the counter as compared to the two-week average volume of 5.41 lakh stocks. The company's market capitalisation stood at ₹2.1 lakh crore.

At the current price level, ONGC shares trade 41% higher than its 52-week low of ₹119.80 touched on July 6, 2022. The stock has risen 7% in a year, 20% in the past six months, and 6% in a month. In the calendar year 2023, the counter has added 11%.

In a post-market hour release on Thursday, the state-owned energy major said it has made discoveries of oil and gas in “AMRIT” in OALP (Open Acreage Licensing Policy) block and “Moonga” in OALP exploration Block in Mumbai Offshore (SW) on the Arabian Sea.

“Oil and Natural Gas Corporation Limited (ONGC) has made discoveries of Oil and Gas in MBS171HAA-1 (MBS171HAA-A)-“AMRIT” in OALP (Open Acreage Licensing Policy) block MB-OSHP-2017/1 in Mumbai Offshore (SW) on the Arabian Sea. There is another remarkable discovery in MBS182HDA-1(MBS182HDA-A) named “Moonga” in OALP exploration Block in Mumbai Offshore,” the PSU company said in the release.

The company further said that the detailed assessment of the discoveries is in progress.

As per the release, 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.

“The discovery represents a momentous achievement, underscoring exploration dedication to expanding domestic production and reducing India's reliance on imported oil and gas,” the company said.

In a separate exchange filing, ONGC said that its board will meet on May 26 to consider and approve audited financial results for the quarter and year ended March 31, 2023, and recommend final dividend, if any.

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