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ONGC picks up 10% stake in ADNOC offshore oil concession; shares jump 4%


Mumbai: Shares of Oil and Natural Gas Corp Ltd (ONGC) climbed as much as 3.8 per cent to Rs 194.5, their highest since February 2. The stock posted its biggest intraday percentage gain since January 23.

The company-led consortium has won a stake in Abu Dhabi National Oil Co’s (ADNOC) 40-year offshore oil concession. ADNOC had signed an agreement on Saturday with ONGC Videsh-led consortium giving the group 10 per cent stake in the new Lower Zakum offshore concession, with a participation fee of 2.2 billion dirhams ($600 million).

The consortium includes Indian Oil Corp (IOC) and Bharat Petro Resources Ltd, an upstream arm of refiner Bharat Petroleum Corp (BPCL). BPCL fell 2.2 per cent, and IOC 0.5 per cent. ONGC had on Friday posted a smaller-than-expected profit in the Dec quarter.

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