ONGC - Higher Oil, Gas Price To Drive Profitability: ICICI Direct
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ICICI Direct Report
Oil and Natural Gas Corporation Ltd. is primarily engaged in exploration, development and production of crude oil and natural gas.
ONGC’s crude oil production has been in the range of 54-63% of total domestic oil production in FY11-21.
The company is also a play on the refining sector via its subsidiaries.
Sustained higher crude oil prices and gas realisations can result in better profitability.
If prices sustain at higher level, there is further upside potential to earnings and our target price.
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