(Oil and Gas News) Tremendous value to be unlocked in oil & gas biz - Hindu Business Line

I would like to reiterate that there is tremendous value to be unlocked in the oil & gas business of ONGC. Based on fundamentals like enterprise value and P/E multiples, ONGC’s stock continues to be highly undervalued What is the impact of volatility in crude oil prices on ONGC’s capital expenditure? Coming to facts, ONGC made 22 oil and gas discoveries in financial year 2007, of which nine were from new prospects. In November 2007 ONGC made six oil and gas discoveries, three from new prospects. Right now, given ONGC’s expertise in E&P, we are considered partners-in-progress in many foreign countries, so it makes business sense to take up equity oil participation there. read more

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