ONGC stock flat, overseas arm gets 3-year extension for Vietnam oil block

This is the eighth extension for ONGC Videsh, which will continue till June 15, 2026.

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Oil and Natural Gas Corporation (ONGC) shares opened flat on August 21 morning. The state-owned firm’s wholly-owned subsidiary, ONGC Videsh, has secured a three-year extension from Vietnam to explore ‘Block 128’ in the South China Sea.

This is ONGC Videsh’s eighth extension and will continue till June 15, 2026, said ONGC in a post on X platform, formerly Twitter. “India’s strategic commitment stays strong as ONGC Videsh continues its exploration journey 15 June 2026,” the company said.

India’s exploration off the coast of Vietnam has not gone down well with China, which has a running dispute with several countries in the region over its South China Sea claims. Block 128, also called as “nine dash line” is a vital route as goods worth $5 trillion are traded annually. China claims the entire sea route, which is also claimed by the Philippines, Malaysia, Brunei and Taiwan.

ONGC shares have given 15 percent returns since January 1. Its June quarter net profit increased 94 percent year-on-year (YoY) to Rs 23,740 crore in the same quarter. The oil and gas company’s revenue fell 10 percent year-on-year (YoY) to Rs 163,824 crore in the same period.

India’s largest international oil and gas exploration and production company, ONGC Videsh has 32 projects in 15 countries.

At 10.14 am, ONGC was trading at Rs 175.35 on the National Stock Exchange, up 0.029 percent from the previous close.

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