ONGC shares jumped more than 2% in morning trade after the company signed a Non-Associated Gas deal in Azeri-Chirag-Deepwater Gunashli, Azerbaijan.
ONGC Videsh, along with partners such as the State Oil Company of Azerbaijan (SOCAR), bp, MOL, INPEX, Equinor, ExxonMobil, TPAO, and ITOCHU, entered into an important addendum to the existing Production Sharing Agreement (PSA) for the Azeri-Chirag-Deepwater Gunashli (ACG) field in the Azerbaijan sector of the Caspian Sea. This deal changes the PSA to accelerate the exploration, appraisal, development and production of Non-Associated Natural Gas (NAG) reservoirs within the ACG field.
The newly changed agreement is set to run until 2049 when the original PSA expires.
As of 10:29 am, ONGC shares were trading 2.43% higher at Rs 293.20 on the NSE.