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    ONGC   INE213A01029

OIL AND NATURAL GAS CORPORATION LIMITED

(ONGC)
  Report
Delayed NSE India Stock Exchange  -  06:25 2022-12-09 am EST
140.70 INR   -1.37%
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Oil and Natural Gas Corporation Limited - ONGC signs MoU with Chevron Corporation to assess exploration potential in India

09/21/2022 | 10:00am EST

State-owned energy giant ONGC signed a memorandum of understanding (MoU) with Chevron New Ventures PTE Limited, a subsidiary of California-based energy major Chevron Corporation, to assess exploration potential in India.

The agreement was signed by Chief E&D Dte Dr Ravi Misra on behalf of ONGC and Luca Rigo de Righi, General Manager, Global New Venture, on behalf of Chevron at the DUB office in Delhi in the presence of ONGC CMD RK Srivastava.

The strategic collaboration is a part of ONGC's international outreach program of inviting global E&P companies for a suitable partnership to explore the frontier areas and geologically challenging and difficult plays in Cat-I, II and III of Indian sedimentary basins.

Mr Srivastava said on the occasion that Mr Luca and his delegation's visit to ONGC has been very productive. 'We look forward to deeper technical collaboration so that this agreement gives value to both parties in the Indian sedimentary basin as well as outside,' he added.

Meanwhile, the visiting dignitaries underscored that the data seen so far were interesting though challenges will be there. 'Once we get a better technical understanding, we can agree on specific areas where ONGC-Chevron collaboration will give value to both. In addition, Chevron New Energies also understands the importance of addressing climate change and investing in CCUS (Carbon capture, utilization and storage) projects in order to achieve innovative solutions for a lower carbon future,' Mr Luca said further.

The discussion between the two global oil majors took place in relation to the G&G data viewing for assessing the prospectivity of a number of Indian sedimentary basins.

After the first round of discussion initiated with Chevron, a Confidentiality Agreement was executed between the companies.

At present, the in-depth G&G data viewing is in progress by the technical teams of Chevron physically across the work centers of ONGC, including Kolkata, Tripura, Dehradun and Chennai. This meaningful partnership with Chevron will be a step toward unlocking value in ONGC's operated onshore and offshore blocks, studying open acreage areas and enabling us to get closer to meeting the country's energy aspirations.

Contact:

Telephone: 011-26750998

Fax: 011-26750991/ 26129091

E: grievance[at]ongc[dot]co[dot]in

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
CHEVRON CORPORATION 0.59% 173.54 Delayed Quote.47.01%
OIL AND NATURAL GAS CORPORATION LIMITED -1.37% 140.7 Delayed Quote.0.18%
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Financials
Sales 2023 6 656 B 80 856 M 80 856 M
Net income 2023 470 B 5 715 M 5 715 M
Net Debt 2023 865 B 10 510 M 10 510 M
P/E ratio 2023 3,80x
Yield 2023 10,8%
Capitalization 1 795 B 21 801 M 21 801 M
EV / Sales 2023 0,40x
EV / Sales 2024 0,41x
Nbr of Employees 27 165
Free-Float 30,8%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 142,65 INR
Average target price 174,28 INR
Spread / Average Target 22,2%
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Managers and Directors
Rajesh Kumar Srivastava Chairman & Managing Director
Pomila Jaspal Chief Financial Officer & Finance Director
Om Prakash Singh Director, Director-Technical & Field Services
Rajni Kant Secretary & Compliance Officer
V. Ajit Kumar Raju Independent Director
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