Oil & Gas blocks: Vedanta wins 10, ONGC bags 8

In the latest government auction, Vedanta has won 10 oil and gas (O&G) exploration blocks and ONGC has won 8. Reacting to the development, the shares of ONGC gained, while Vedanta slid.

According to the Directorate General of Hydrocarbons (DGH), Vedanta has won 5 blocks on offer in Open Acreage Licensing Policy (OALP)-II, while in OALP-III, the company bagged 5 blocks.

Oil and Natural Gas Corporation (ONGC) on the other hand has won 8 oil and gas exploration blocks offered in latest auction. According to the Directorate General of Hydrocarbons (DGH), the company has won 1 block on offer in Open Acreage Licensing Policy (OALP)-II, while in OALP-III, the company bagged 7 blocks.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power. ONGC is India’s largest government-run corporation and produces about 70 per cent of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organisation in India.

At closing hours, shares of Vedanta were at Rs.172.40,  falling by 1.32 per cent, and ONGC was trading at Rs. 166.20, up 0.33 per cent.