India’s leading oil and gas company Oil and Natural Gas Corporation has achieved significant success in its one billion dollar offshore gas project. The company’s Daman Upside Development Project (DUDP) has been completed. Through this, the first gas flow has started on platform B-12-24P on March 29, 2026, from which gas is being sent to Hazira plant.
The project is located in the Arabian Sea, about 180 kilometers north-west of Mumbai and about 80 kilometers south of Pipavav, Gujarat. The project, costing approximately $1 billion (capex), has been completed in less than two years after the contract award. ONGC has attributed this success to strong project execution, innovative drill-deck technology and excellent performance of the drilling and production teams.
Platform B-12-24P has been successfully commissioned and gas is now being sent to Hazira Processing Plant. This achievement marks the beginning of gas monetization from the DUDP project. Further production from all the wells will be increased in a phased manner. According to ONGC, this project is a milestone, which will prove helpful in increasing India’s domestic natural gas supply and strengthening energy security.
Condition of ONGC shares
The impact of this news has been seen on ONGC shares today. The company’s shares rose by more than 5% today, while the benchmark indices fell by more than 2%. Not only this, in the last one month, while the shares of most of the big companies in this sector have fallen drastically, there has been very little decline in it. Shares of government company IOC have fallen by more than 17%. Whereas shares of Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) have fallen by more than 22%, while shares of GAIL (India) have fallen by more than 14%. On the other hand, during the same period, ONGC shares have fallen by only around 3.5%.