ONGC jumps 4% on oil block win; Goldman Sachs sees 36% upside in stock
Shares of Oil and Natural Gas Corporation (ONGCNSE 1.21 %) gained 4 per cent in Friday’s session after it won exploration rights for seven oil blocks.
The upstream oil major on Thursday walked away with all the seven oil and gas blocks on offer in the latest bid round that saw just eight bids coming in.
“These 7 blocks are adding exploration acreage of 18,510 square kilometres spread over three sedimentary basins of India and have a resource potential of approximately 33 billion barrels of oil and oil equivalent gas,” Oil Minister Dharmendra Pradhan said.
