Oil and Natural Gas Corporation (ONGC) share price rose over 2% in early trade after the state-owned explorer said it has signed a Memorandum of Understanding (MoU) with global energy giant Exxon Mobil Corporation.
ONGC stock rose 2.3% to the intraday high of Rs 138.30, against the last closing price of Rs 135.20 on the BSE. ONGC shares trade higher than 5, 20 and 50-day moving averages but lower than 100 and 200-day moving averages currently.
US petroleum giant Exxon Mobil will offer its expertise and technology to ONGC and help in developing its resources in offshore blocks.
This MoU will enable the two petroleum companies to undertake joint technical studies and cooperate in frontier areas like deep water and other Petroleum Exploration Licence (PEL) blocks of ONGC in the east and west coast and open acreages for joint bidding, ONGC said.
ONGC CMD Shashi Shanker said, "This meaningful partnership with Exxon Mobil will be a step towards unlocking value in ONGC PEL offshore blocks, study open acreage areas and enable us to get closer to meeting Country's energy aspirations".
As of 1230 IST, the share price of ONGC traded 1.92% higher at Rs 137. A total of 3.82 lakh and 99.4 lakh shares traded in the counter of BSE and NSE, respectively.
By Rupa Burman Roy