Majority of the energy stocks are trading higher with Essar Oil and Cairn India a leading the pack of gainers. As per a leading financial daily, Oil and Natural Gas Corporation Ltd. (ONGC) plans to invest $ 2.89 bn in developing its ultra-deep gas discovery in the Krishna Godavari basin by 2016-17. Reportedly, the gas discovery is the deepest ever gas-find in the country and ONGC has estimated gas reserves of 4.25 trillion cubic feet (Tcf) of which the Directorate General of Hydrocarbons (DGH) has accepted only 3.93 Tcf. ONGC has estimated recoverable reserves of 2.55 Tcf whereas as per DGH, only 2.32 Tcf of gas reserves can be recovered. ONGC stock is up by 1.04%.
As per a leading financial daily, NTPC Vidyut Vyapar Nigam (NVVN), the trading arm of National Thermal Power Corporation (NTPC) is expected to sign power purchase agreements with 22 companies by January-end to develop 350 MW of grid-connected solar energy. The companies in the fray include Gas Authority Of India Ltd. (GAIL) (India), Welspun Solar, Mahindra Solar One, Enfield Infrastructure, Essel Infraprojects, Azure Power India and French firm Fonroche Energie S.A.S.NVVN had issued intent letters, in December 2011, to the short-listed developers for the second batch of Phase-1 of Jawaharlal Nehru National Solar Mission.