ONGC to invest ₹31,000 crore in the next three years in exploration to achieve its acreage acquisition programme. This will bring 5,00,000 sq. km. under active exploration by 2025
Shares of Reliance Industries, ONGC, GAIL India, Gujarat Gas, IOC, IGL, and BPCL gained up to 6% in opening trade after the government eased the windfall tax on fuel shipments.
Shares of Oil India have plunged 20% in two sessions, while ONGC and RIL tumbled 18% and 8.7%, respectively, during this period.
Reliance Industries nosedived 8.65% to touch an intraday low of ₹2,369.45 on the BSE, registering its biggest single-day decline in the last 18 months
The deregulation of domestic crude will further spur economic activities and incentivise investments in the upstream oil and gas sector.
ONGC Videsh has a significant presence in the oil and gas sector in Colombia.
The Brent crude oil for August delivery dropped nearly 4% to $110 per barrel on Wednesday after U.S. President Biden announced plans to cut fuel costs.
The Sensex and Nifty are poised to open higher on Tuesday, tracking firm cues from global markets and positive trends on SGX Nifty.
Shares of oil companies were under stress as international crude prices fell about 5% to hit a three-week low on Friday.
The Indian National Congress has expressed doubts over the manner in which PHL became a loss-making entity since 2018-19.
