Image Source : PTI ONGC signed the MoU on the eve of India Energy Week.
Shares of state-owned Oil and Natural Gas Corporation (ONGC) will be in focus when markets open on Tuesday as the company has signed a pact with global oil major BP to explore collaboration in exploration and production, trading and other energy vectors, in India and internationally.
The Memorandum of Understanding (MoU) comes within a month of ONGC selecting BP as a technical service provider for raising output from its flagship Mumbai High oil and gas field.
“ONGC and BP have agreed to explore opportunities for collaboration and partnership across the energy industry in India and internationally, focused on oil and gas exploration and production, as well as trading and extending to other energy vectors,” the firm said in a statement.
The two companies signed a memorandum of understanding (MoU), on the eve of India Energy Week, the premier energy event in India.
The signing ceremony was attended by ONGC Chairman and CEO Arun Kumar Singh and BP Executive Vice President, William Lin, along with senior leadership from both organisations.
“Under the terms of the MoU, BP will collaborate with ONGC to jointly explore and evaluate potential business opportunities in oil and gas projects both within India and internationally,” the statement said.
The MoU further encompasses strategic collaboration to create value in trading and in additional energy vectors, such as carbon sequestration.
ONGC share price
Meanwhile, the shares of ONGC ended the session in red. The counter closed at Rs 242.55 on the BSE – a loss of 2.59 per cent from the previous close of Rs 249. The market cap of ONGC, a constituent of the BSE 100 index, is Rs 3,05,134 crore. The 52-week high of the stock is Rs 344.60 and the 52-week low is Rs 227.
ONGC share price history
The company has given a negative return of over 9 per cent in one year but a positive return of over 65 per cent in two years.
With PTI inputs
