Jan 03, 2014, 09.15 AM IST
Oil and Natural Gas Corporation has struck a gas and oil reserve in the KG DWN 98/2 block. Production should take off in FY2016-17 if all formalities go through, Director of Exploration MK Verma said, adding that he hopes the new field would produce about 2 mmscmd of natural gas and 1-1.5 mmt of crude oil.
Tags Oil and Natural Gas Corporation, oil, natural gas, KG, MK Verma
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ONGC finds fresh oil, gas reserves in KG field
Oil and Natural Gas Corporation has struck a gas and oil reserve in the KG DWN 98/2 block. Production should take off in FY2016-17 if all formalities go through, Director of Exploration MK Verma said, adding that he hopes the new field would produce about 2 mmscmd of natural gas and 1-1.5 mmt of crude oil.
Like this story, share it with millions of investors on M3
ONGC finds fresh oil, gas reserves in KG field
Oil and Natural Gas Corporation has struck a gas and oil reserve in the KG DWN 98/2 block. Production should take off in FY2016-17 if all formalities go through, Director of Exploration MK Verma said, adding that he hopes the new field would produce about 2 mmscmd of natural gas and 1-1.5 mmt of crude oil.
"We submitted the declaration on December 27 to the Directorate of Hydrocarbons and will provide additional information as required," MK Verma, Director – Exploration, ONGC, told CNBC-TV18.
Production should take off in FY2016-17 if all formalities go through, Verma said, adding that he hopes the new field would produce about 2 mmscmd of natural gas and 1-1.5 mmt of crude oil.
Also read: ONGC, Shell buy rest of Brazil offshore block
ONGC stock price
On January 03, 2014, at 09:20 hrs Oil and Natural Gas Corporation was quoting at Rs 285.00, up Rs 3.75, or 1.33 percent. The 52-week high of the share was Rs 354.10 and the 52-week low was Rs 234.40.
The company's trailing 12-month (TTM) EPS was at Rs 22.24 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 12.81. The latest book value of the company is Rs 145.47 per share. At current value, the price-to-book value of the company is 1.96.
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