ONGC shares have picked up a bullish momentum ever since the state-owned upstream oil explorer registered a surge of 78 per cent in net profit during the January-March quarter of fiscal 2023-24 (FY24). The public sector undertaking (PSU) expects its capital expenditure (capex) to be in the range of ₹33,000- ₹35,000 crore for the current fiscal (FY25). ONGC’s capex for FY24 came at ₹37,000 crore.
ONGC, which accounts for about two-thirds of India’s oil and more than 50 per cent of its gas output, announced the commencement of “first oil” from the deep water KG-DWN-98/2 Block, situated off the coast of Bay of Bengal on January 7, 2024.
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Published: 13 Jun 2024, 07:00 PM IST