Shares of Oil and Natural Gas Corporation Ltd (ONGC) are trading flat after touching a day’s high of Rs 242.51 on 29th July, after ONGC, along with BP Exploration (Alpha) Ltd and Reliance Industries Ltd (RIL), announced yesterday that it had entered into a joint operating agreement (JOA) for offshore exploration of Block GS-OSHP-2022/2, awarded under the Open Acreage Licensing Policy (OALP) bid round 9.

The agreement was signed on 28th July, 2025, at ONGC’s Deendayal Urja Bhavan in New Delhi. The offshore block, located in the Saurashtra Basin, spans 5,454 square kilometres and is classified as a Category II basin.

ONGC will operate the block, with the consortium set to begin exploration to evaluate its hydrocarbon potential.

Separately, ONGC approved a true-up amount of up to Rs 5,082 crore for FY26-27 for its subsidiaries in the Area 1 Mozambique LNG project. ONGC Videsh holds a 16% stake in this project through step-down units OVRL and BREML.

Of the total, BREML will spend Rs 1,270.62 crore in FY26 and Rs 635.31 crore in FY27.

At 2:00 PM, the shares of ONGC were trading 0.46% higher at Rs 241.56 on NSE.

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