ONGC rises 3% on reports of oil discovery in KG basin

According to the report, "oil was struck in three out of six appraisal wells drilled in the block.'

October 17, 2013 / 13:18 IST

26 Aug, 2025 12:21

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Shares of ONGC rallied 3 percent intraday on Thursday after reports indicated it has found rich reserves in KG basin block with reserves seen at 100mt which is four times earlier than estimates.

According to the report, "Oil was struck in three out of six appraisal wells drilled in the block."

Also read: Bajaj Auto jumps 3% on September quarter performance

ONGC has consistently missed its production targets over the last five years despite a healthy reserve replacement ratio (1.84 in FY13) due to project delays and most new finds being in difficult terrain.

At 11:44 hrs the stock was quoting at Rs 282.00, up Rs 7.30, or 2.66 percent on the BSE.

first published: Oct 17, 2013 12:02 pm

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