Shares of ONGC, one of India’s largest oil and gas companies, are trading today, January 10 on a positive note. As of 12:02 PM IST, the company’s stock is trading positively, up by 1.09%, at Rs 265.95 per share. The stock today opened at Rs 264.00 and reached a high of Rs 266.50, during the intraday trading session.
The stock is currently trading above its 5-day, 20-day, and 50-day moving averages but remains below the 100-day and 200-day averages. This surge came after a series of positive developments for the company. One of the focal points is this recent surge in the stock price is ONGC’s recent partnership with BP to enhance production at the Mumbai High field, India’s largest offshore oil and gas field.
ONGC’s partnership with BP
One of the reasons behind this uptick in the share price of the company is its move to enhance production from its flagship Mumbai High field. ONGC has partnered with UK-based BP as a technical service provider (TSP) to increase crude oil and gas output significantly over the next decade.
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According to ONGC, the partnership could lead to a 44% jump in crude oil production and an 89% boost in gas output from the Mumbai High field. The company estimates that this could generate additional revenue of up to $10.3 billion over the contract period, with visible gains starting from FY26 and scaling up by FY28.
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“Mumbai High (MH) is an Oil Producing Field of the Company, located in the Mumbai offshore area, was discovered by ONGC in 1974 and started production in 1976. While the Company focuses on unlocking the potential of new hydrocarbon resources through green-field projects, enhancing recovery from mature fields like MH also remains a top priority for increasing domestic production,”
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