ONGC to play major role in India’s pursuit of energy security; stock ends positively
A number of press reports pertaining to the purported communication from the Ministry of Petroleum & Natural Gas of India (MoPNG) are doing rounds, conveying an impression that the role of Oil & Natural Gas Corporation Limited (ONGC) may be significantly affected in the wake of its potential restructuring.
Contrary to the fact above is that the government of India is continuously encouraging ONGC to play a much larger role in the context of India’s oil & gas sector. The board of ONGC had approved 'Energy Strategy 2040' in April 2019, which outlines strategic growth initiatives across the energy value chain.
The company in its efforts to augment production of oil & gas is endeavouring to engage all interested players in such a way that the concept of Atmanirbhar Bharat becomes the central theme of their domestic project execution.
On the back of enabling policy facilitation by the government, the company has rolled out its separate gas vertical, which will increase activities in the gas sector thereby, leveraging on its strong domestic & international presence. It is also looking into strategic relationships & alliances with the leaders in the international players through ONGC Videsh.
The stock of ONGC Ltd closed at Rs 104.05, up by 0.19 per cent on BSE.