Shares of oil and gas exploration companies rose as much as 20% in intra-day trade on Wednesday as the government decided to offer bigger oil and gas areas that currently belong to its companies Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) to the private sector on relaxed conditions.
“To enhance production from existing nomination fields of ONGC and OIL, enhanced production profile will be prepared by both PSUs. For production enhancement, bringing new technology, and capital, national oil companies will be allowed to induct private sector partners,” said a government press release.
