Oil & Natural Gas Corporation (ONGC), the national oil company of India, witnessed a rise in share price on media reports that company and its partners planning to invest about USD 24 billion (approximately Rs 1.59 trillion) to produce natural gas from a giant field off Mozambique and converting it into liquid fuel (LNG) for export by ships to consumers like India.

A leading daily stated that the Mozambique government has passed a decree law, paving way for start of construction work on the project. An estimated $23-24 billion will be required to bring first set of discoveries in Rovuma Area-1 on to production and convert that gas into LNG

Shares of Oil & Natural Gas Corporation are trading at Rs 247.25, up Rs 3.7, or 1.52% at the Bombay Stock Exchange (BSE) on Monday at 11:58 a.m.

The scrip has touched an intra-day high of Rs 249 and low of Rs 244.15. The total volume of shares traded at the BSE is 178,550.