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The Nifty50 on the National Stock Exchange was trading at 15,870.75, higher by 124.25 points or 0.79 per cent from its previous close.

These resources actually belong to the nation and they will be monetised by bidding them out to interested entities, Petroleum Minister Dharmendra Pradhan said.

ONGC cannot absolve itself of the responsibility by simply pushing the blame on the contractor

India's crude oil production, however, slipped 2 per cent to 2.49 million tonnes as state-owned ONGC and Oil India Ltd (OIL) produced less.

The AFCONS-led consortium is working closely with ONGC, Petroleum Ministry, Indian Navy, Coast Guard, and DG (Shipping) to coordinate the rescue efforts.

This essentially means that bidders may corner gas by offering to pay USD 7, but the buyers will have to pay no more than the ceiling price of USD 3.62.

Three employees of the ONGC were on April 21 kidnapped by suspected ULFA-I militants from its Lakwa oilfield in Assam's Sivasagar district along the Assam-Nagaland border.

Whereabouts of the kidnapped employees were not known and kidnappers have not made any contact with the family or the company so far, a source in ONGC said.

MEIL has bagged the order to manufacture and supply 47 drilling rigs worth Rs 6,000 crore via a tender from ONGC in 2019.

Bajaj Auto was the top loser in the Sensex pack, falling around 3 per cent, followed by Maruti, ICICI Bank, Sun Pharma and Reliance Industries

Likewise, the NSE barometer Nifty settled with a gain of 232.40 points or 1.60 per cent at 14,761.55.

ONGC was the top gainer, rallying around 8 per cent. NTPC, Asian Paints, Tech Mahindra, PowerGrid and IndusInd Bank were among the other winners.

After swinging 666.64 points, the 30-share BSE Sensex settled 19.69 points or 0.04 per cent lower at 51,309.39.

Petroleum had been included in the strategic sector as it ensures energy security for the country.

OIL Deputy General Manager (CC) Tridiv Hazarika said that currently the company has explored huge oil and gas reserves in Assam and Arunachal Pradesh while engaged in exploration works in Mizoram.

In 2019, a second attempt was made to sell Pawan Hans but the sale process failed to receive investor response.

The process is now expected to be completed by FY24 as ONGC has decided to consolidate its refining and petrochemicals business around MRPL first before pushing for its merger

Though the dates for next GST Council meeting is yet to be finalised, finance minister sources said its due and may take place anytime after the budget presentation.

Sensex opened at an all-time high of 48,616.66, and the Nifty50 on the National Stock Exchange touched a new record of 14,244.15 points.

Around 10.15 a.m., Sensex was trading at 47,986.84, lower by 189.96 points or 0.39 per cent from its previous close of 48,176.80.