et_companiesabout 3 hours ago
BULLISH(95%)
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Published on the original source: 30 Mar 2026, 10:53 PM IST
ONGC begins gas production from $1 billion Daman project
Read original sourceAI Analysis
The oil and gas sector in India is focused on increasing domestic production to reduce import dependency. New projects like Daman are crucial for meeting energy demands and supporting sector growth.
Trading Insight
Maintain a bullish bias on upstream oil and gas companies with new production coming online, setting stop-losses below recent support levels.
Key Evidence
- •ONGC began gas production from its Daman Upside Development Project on March 29.
- •The project is located in the Arabian Sea, off the coast of Gujarat.
- •It aims to produce 21.5 billion cubic meters of gas.
- •Peak production is expected to be around 5 million standard cubic meters per day.
- •Risk flag: Fluctuations in global natural gas prices
Affected Stocks
ONGCOil and Natural Gas Corporation
Positive
Commencement of gas production from a significant project, boosting output and potential revenue.
Sectors:Oil & Gas
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