Overview
- Oil India rose about 9.7% to Rs 492 and ONGC gained roughly 7.3% to Rs 266.05, with both stocks at one-year highs and technicals showing stretched momentum as some analysts advised caution.
- Brent hovered near $67–$68 a barrel after a severe US winter storm curtailed output and exports, with additional support from Middle East tensions lifting sentiment for oil producers.
- ONGC’s joint ventures with Japan’s MOL signed contracts with Samsung Heavy Industries to build two Indian-flag Very Large Ethane Carriers of 100,000 cubic metres each, with deliveries targeted in FY2028–29 through GIFT City entities Bharat Ethane One and Two.
- The VLECs are planned to move about 600 KTPA of ethane from the US to ONGC subsidiary OPaL under long-term arrangements intended to secure a dedicated feedstock corridor.
- ONGC and Reliance executed a resource-sharing agreement for deepwater exploration and production focused on the Krishna Godavari basin and the Andaman offshore regions.