State-controlled Oil and Natural Gas Corporation (ONGC) will kick off gas production from its flagship deep-water project in the Krishna-Godavari (KG) basin block KG-DWN-98/2, said Hardeep Singh Puri as he takes charge of the Petroleum Ministry.
Further, Puri said that oil and gas public sector undertakings (PSU) have done well. ONGC has floated a tender to get an international tech partner, he said.
ALSO READ | ONGC Shares: Why recent stock correction is a buying opportunity
Speaking to reporters today, Puri said, "Both Minister Of State and I will try to bring gas under GST."
He also said that oil production will increase to 45,000 barrels per day very soon.
The minister further said that he is not in favour of divestment of government stake in state-run oil companies. "Why would we divest ourselves of highly successful Maharatnas like BPCL," he said.
Earlier today, global brokerage firm Jefferies said that a ramp-up in KG basin production in the third quarter of the current financial year and accretion to profitability will be the key triggers.
The brokerage believes that policy continuity on pricing reforms post elections should keep ONGC's profitability elevated compared to its past averages.
In a note, it said that the recent decline in ONGC's stock price appears overdone. The foreign brokerage firm considers this an appealing buying opportunity for investors in a market that have been highly volatile over the past couple of weeks.
ONGC's shares have corrected 12% from the peak of ₹292.95 that it hit in May 3, 2024.
Shares of ONGC Ltd. were trading nearly 5% higher at ₹271.75 apiece on the NSE today.
Further, Puri said that oil and gas public sector undertakings (PSU) have done well. ONGC has floated a tender to get an international tech partner, he said.
ALSO READ | ONGC Shares: Why recent stock correction is a buying opportunity
Speaking to reporters today, Puri said, "Both Minister Of State and I will try to bring gas under GST."
He also said that oil production will increase to 45,000 barrels per day very soon.
The minister further said that he is not in favour of divestment of government stake in state-run oil companies. "Why would we divest ourselves of highly successful Maharatnas like BPCL," he said.
Earlier today, global brokerage firm Jefferies said that a ramp-up in KG basin production in the third quarter of the current financial year and accretion to profitability will be the key triggers.
The brokerage believes that policy continuity on pricing reforms post elections should keep ONGC's profitability elevated compared to its past averages.
In a note, it said that the recent decline in ONGC's stock price appears overdone. The foreign brokerage firm considers this an appealing buying opportunity for investors in a market that have been highly volatile over the past couple of weeks.
ONGC's shares have corrected 12% from the peak of ₹292.95 that it hit in May 3, 2024.
Shares of ONGC Ltd. were trading nearly 5% higher at ₹271.75 apiece on the NSE today.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
