ONGC Share Price Target: Oil, gas discoveries in Mumbai offshore to boost production

Mumbau Offshore Oil Discoveries: Both the discoveries in the offshore Mumbai basin, which have been named Suryamani and Vajramani, were made in OALP-VI block MB-OSHP-2020/2 and OALP-III block MB-OSHP- 2018/1. During testing conducted in the January-March quarter, the exploratory well MBS202HAA-1 on Block MB-OSHP-2020/2 flowed 2,235 barrels per day of oil while 45,181 million cubic metres a day of gas. ONGC Mumbau Offshore Oil Discoveries: The production capacity of the state-owned Oil and Natural Gas Corporation (ONGC) is likely to witness a major boost soon as the Maharatna PSU has made promising offshore oil and gas discoveries in the Mumbai Offshore basin. This might also keep the shares of the company in focus in the upcoming days. ONGC has recently announced January-March 2025 quarter results and also declared a dividend for its shareholders.