On June 23, Oil and Natural Gas Corporation Ltd (ONGC) shares fell 1.3% to Rs 157 after Brent crude declined 4% overnight.

Upstream businesses like ONGC, tangled in exploration and oil production, stand to lose when oil prices tumble. This is because oil prices directly impact the margins and productivity of such exploration firms.
On June 22, ONGC efficaciously linked the Panna Process Platform with a subsea pipeline, a part of ONGC’s Bassein & Satellite (B&S) Asset.

The linkage will benefit the public sector undertaking save (PSU) $43,000 daily cost formerly sustained while transporting crude oil through ships.

The company mentioned that the submarine pipeline connection would minimise the manufacturing downtime connected with tanker changeovers and eradicates demurrage charges during adverse weather conditions.
The Panna segment comprises laying two segments of 37.50 km of submarine pipeline and fixing three Main Oil Line Pumps (MOL) and three booster pumps.