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Oil prices

Crude realities: despite depleting cash reserves, ONGC looks at brighter days as oil prices rise

Crude realities: despite depleting cash reserves, ONGC looks at brighter days as oil prices rise
Crude realities: despite depleting cash reserves, ONGC looks at brighter days as oil prices rise
BCCL
ONGC plant at Uran in Navi Mumbai.

Synopsis

The ONGC stock has seen a run-up of nearly 64% in the past four months, thanks to appreciating global crude prices and the improving economic activity after months of lockdown. The Maharatna company has also managed to cut down its borrowings by over INR7,600 crore in the last fiscal. Will this help replenish its thin cash reserves?

It is like a treasure hunt to find the black gold in its raw form. Most such treasure hunters spend their entire lives in search of it. ONGC, the country’s largest oil and gas explorer, is one of them. Every year, the Maharatna company goes looking for treasure troves buried deep in the bowels of the earth, but there is no guarantee of success. Senior officials at ONGC have also realised that there is no more “easy oil” to be discovered in the
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