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MarketScreener Homepage  >  Equities  >  NATIONAL STOCK EXCHANGE OF INDIA  >  Oil and Natural Gas Corporation Ltd    ONGC   INE213A01029

OIL AND NATURAL GAS CORPORATION LTD

(ONGC)
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Exxon Mobil, India's ONGC sign expertise-sharing deal

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10/15/2019 | 12:50am EST
FILE PHOTO: The logo of Oil and Natural Gas Corp's (ONGC) is pictured along a roadside in Ahmedabad

NEW DELHI (Reuters) - Global energy giant Exxon Mobil Corp will offer its expertise and technology to India's biggest state-owned explorer Oil and Natural Gas Corp Ltd to help develop its resources in offshore blocks, according to two sources directly privy to the development.

The memorandum of understanding (MoU), signed late Monday, will be later signed as a definitive deal after Exxon studies the blocks of the company, one of the sources told Reuters.

Lately, India is generating a lot of interest worldwide in its oil and gas operations, as growing demand amid a global slowdown and government policies have made investments and returns attractive.

"Witnessed the exchange of a MoU between ONGC and ExxonMobil to identify areas for exploration in deep water in east and west coast of India," Oil Minister Dharmendra Pradhan said in a tweet.

ONGC and ExxonMobil will also jointly identify areas to submit bids for more exploration assets in India, he added.

ONGC is currently developing deep water oil and gas blocks in India's east coast, which are expected to come onstream by 2020 and produce 15 million standard cubic metres per day (mscmd) of gas at its peak.

On Monday, Exxon signed another memorandum with India's biggest refiner Indian Oil Corp Ltd to explore ways to supply liquefied natural gas to meet India's 1burgeoning gas demand.

French energy major Total also announced that it would buy around 35% stake in India's Adani Gas Ltd.

"It is a non-binding agreement. It is a technical tie up. The MoU provides a framework to enable future tie ups between the two companies," one of the sources said.

(Reporting by Promit Mukherje and Nidhi Verma in New Delhi; Editing by Rashmi Aich)

By Promit Mukherjee and Nidhi Verma

Stocks mentioned in the article
ChangeLast1st jan.
EXXON MOBIL CORPORATION -1.38% 69.37 Delayed Quote.3.15%
OIL AND NATURAL GAS CORPORATION LTD 0.58% 139.1 End-of-day quote.-7.74%
UNITED PARCEL SERVICE -0.11% 123.01 Delayed Quote.26.26%
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Financials (INR)
Sales 2020 4 565 B
EBIT 2020 435 B
Net income 2020 298 B
Debt 2020 935 B
Yield 2020 5,68%
P/E ratio 2020 5,96x
P/E ratio 2021 5,79x
EV / Sales2020 0,60x
EV / Sales2021 0,55x
Capitalization 1 820 B
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Mean consensus BUY
Number of Analysts 30
Average target price 192,79  INR
Last Close Price 144,65  INR
Spread / Highest target 66,6%
Spread / Average Target 33,3%
Spread / Lowest Target -13,6%
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Managers
NameTitle
Shashi Shanker Chairman & Managing Director
Subhash Kumar CFO, Executive Director & Finance Director
Navin Chandra Pandey Director-Technical & Field Services
Shireesh Balwant Kedare Independent Director
Kodundhirapully M. Padmanabhan Independent Director
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