By BullScreen Editorial Team 
Shares of Oil and Natural Gas Corporation (ONGC) were in focus on Monday after the company began commercial gas production from its offshore Daman project, boosting investor sentiment amid rising energy security concerns.
The company announced that gas from the Daman Upside Development Project (DUDP) has started flowing to its Hazira plant, marking the formal monetisation of the asset. The project, built with an investment of around $1 billion, was completed in under two years, reflecting strong execution and advanced drilling capabilities.
Located nearly 180 km northwest of Mumbai, the Daman field is expected to play a key role in enhancing domestic gas output. ONGC indicated that production will be ramped up in phases, supporting long-term supply stability.
The development comes at a critical time when global gas supplies remain uncertain due to disruptions in the Persian Gulf region. With limited shipping through the Strait of Hormuz, India has been facing supply constraints, prompting the government to push for increased domestic production.
ONGC shares, gas production, Daman project, domestic output, and energy security emerged as key triggers for the stock’s movement. The stock rose as much as 1.8% to Rs 286.9 on the NSE, even as the benchmark Nifty 50 declined by 1.3%.
ONGC’s stock has gained nearly 19% so far this year, positioning it among the top performers on the index. Analysts see the Daman project as a positive step toward reducing import dependence and strengthening India’s energy resilience in a volatile global market.