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Ramesh Sharma

Mr R.S. Sharma (right), Chairman, ONGC, and Mr R.S. Butola, Managing Director, ONGC Videsh, addressing a press conference in the Capital on Wednesday. –

Our Bureau

New Delhi, Sept. 19 ONGC may consider a stock split or a bonus issue at an appropriate time.

The Chairman and Managing Director, Mr R.S. Sharma, said: “The company could consider issue of bonus shares and stock split at an appropriate time.”

He was speaking to newspersons after the company’s AGM today.

He added: “Immediately there is no decision to do a share split or a bonus issue, but we are sensitive to concerns of small investors that they may be able to buy ONGC shares at current prices. So, in due course, we will resort to share split or bonus issue but when it will happen I cannot say.”

The company’s shares clocked intra-day gains of almost 6.5 per cent on the BSE today.

The scrip closed at Rs 901.50 after opening at Rs 860; it touched a high of Rs 924.50 during the day.

In November 2006, ONGC had allotted bonus shares in the ratio of 1:2, for the second time in the company’s history after 1995.

Meanwhile, ONGC’s overseas investment arm, ONGC Videsh Ltd (OVL), has won three exploration blocks in Colombia.

The OVL Managing Director, Mr R.S. Butola, told newspersons that the results of the latest Colombia bidding round were announced on Tuesday.

“We were declared winners in three blocks along with Ecopetrol, Columbia’s State-owned company and Brazil’s Petrobras.”

The blocks – RC8, RC9, RC10 – lie offshore in the Caribbean Sea.

OVL is the operator in two blocks, holding equal stake with Ecopetrol.

In the third block, it holds 40 per cent, while Ecopetrol and Petrobras own 40 per cent and 20 per cent respectively.

With this win, OVL now has four blocks in Colombia.

As per reports, Colombia on Tuesday announced awards for exploration contracts for 13 offshore blocks.

Colombia is seeking new petroleum finds and increased production to avoid becoming a net importer of petroleum within next five years.

The country produces more than 5,00,000 barrels per day.

However, its petroleum industry has suffered during its four-decade conflict with guerrillas, who have often targeted oil pipelines for bombings.

Colombia said in May that the 13 blocks were more likely to be gas-prone.

OVL has 26 exploration and production projects on hand in 15 countries.

It is the operator in 10 of them.

The company sourced 7.95 million tonne equity oil and oil-equivalent gas during the fiscal ended March.

More Stories on : Petroleum | Bonus Announcements | Stocks | Oil & Natural Gas Corporation Ltd

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