Shares of Oil and Natural Gas Corporation Limited (ONGC) jumped on Thursday after the company released updates on its flagship deepwater facility.

What Happened: After starting oil production from its KG-DWN-98/2 block, cluster 2, ONGC is now planning to begin sending gas through a newly laid subsea gas pipeline next month, the oil explorer said in a press release on Wednesday.

"The company has a plan to open another well and flow gas to an onshore terminal next month through the newly laid subsea gas pipeline," the company said.

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The company began its first oil production from the block in January this year, which lies in the Krishna-Godavari basin off the Bay of Bengal.

Earlier this month, ONGC signed a sale purchase agreement to acquire ownership in Azerbaijan’s ACG oil field and shares of the Baku Tbilisi Ceyhan (BTC) pipeline company. The acquisitions will involve a total investment of up to $60 million (around ₹498 crore), it had then said.

The oil major is due to announce its first-quarter results on August 5.

Price Action: ONGC was trading 1.08% higher at ₹323 on Thursday.

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