ONGC up 1.36% on oil find at Vadatal-I
Shares of ONGC were higher after the state-owned company announced the discovery of oil at its exploratory well Vadatal-I.
By ET Bureau |
MUMBAI: Shares of Oil & Natural Gas Corporation Ltd were higher by 1.36 per cent at Rs 1,307.40 on the National Stock Exchange, after the state-owned company announced the discovery of oil at its exploratory well Vadatal-I.
The stock recorded a high of Rs 1,307.80 versus a low of Rs 1,282. Until 9:55 am, Total traded quantity was 1,77,614 shares and turnover Rs 23.02 crore.
The exploratory well Vadatal-I in NELP Block CB-ONN-2004/2, Western Onshore Basin, drilled to a depth of 1,784 m was found to be oil bearing in the interval 1,148 m to 1,137 m in EP-IV Formation of Mid Eocene age. On conventional testing, the interval flowed oil at 37 m3/d through 6 mm bean (or 278 barrels / day), ONGC said in a statement to NSE.
This discovery pertains to a NELP-V I Block (earlier relinquished part of GSPCL acreage CB-ON/2) in the Tarapur area of the Western Onshore Basin.
Meanwhile, the company's board has approved an investment of Rs 372.11 crore for development of BHE and BH-35 area, east of Mumbai High South Field. This follows a study which estimates the cumulative production of oil and gas from BHE and BH-35 at 0.422 million metric tonnes and 0.529 billion cubic metres respecively over a period of 8 years, with peak production rates of 2,500 barrels per day of oil and 2,50,000 cubic metres of gas.
The stock recorded a high of Rs 1,307.80 versus a low of Rs 1,282. Until 9:55 am, Total traded quantity was 1,77,614 shares and turnover Rs 23.02 crore.
The exploratory well Vadatal-I in NELP Block CB-ONN-2004/2, Western Onshore Basin, drilled to a depth of 1,784 m was found to be oil bearing in the interval 1,148 m to 1,137 m in EP-IV Formation of Mid Eocene age. On conventional testing, the interval flowed oil at 37 m3/d through 6 mm bean (or 278 barrels / day), ONGC said in a statement to NSE.
This discovery pertains to a NELP-V I Block (earlier relinquished part of GSPCL acreage CB-ON/2) in the Tarapur area of the Western Onshore Basin.
Meanwhile, the company's board has approved an investment of Rs 372.11 crore for development of BHE and BH-35 area, east of Mumbai High South Field. This follows a study which estimates the cumulative production of oil and gas from BHE and BH-35 at 0.422 million metric tonnes and 0.529 billion cubic metres respecively over a period of 8 years, with peak production rates of 2,500 barrels per day of oil and 2,50,000 cubic metres of gas.
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