ONGC Videsh Limited (OVL) had registered a major gas discovery in 2019 in its deep offshore block BM-SEAL-4, Brazil, located in the Sergipe Alagoas Basin. Petrobras is the Operator of the block with 75% Participating Interest (PI) and in which partner ONGC Videsh holds 25% PI.
ONGC Videsh Limited, after detailed evaluation, now enters into the development stage with the submission of Declaration of Commerciality (DoC) for the block BM-SEAL-4.
The block development module of Petrobras envisages the installation of a shared FPSO and a gas pipeline. The name suggested to the Brazilian regulator for the field is Budião. The development module is presently in the contract planning phase and is expected to start production after 2026. The Consortium plans to continue all operational activities for submission of the Development Plan to the Regulator and meeting the target for the first oil.
ONGC Videsh Limited (OVL) is the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd (ONGC), the National Oil Company of India.
Shares of Oil & Natural Gas Corporation Limited was last trading in BSE at Rs. 166.85 as compared to the previous close of Rs. 170.15. The total number of shares traded during the day was 888323 in over 6159 trades.
The stock hit an intraday high of Rs. 171.00 and intraday low of 166.60. The net turnover during the day was Rs. 150309878.00.