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Oil exploration stocks in focus; Aban Offshore, Selan Exploration up 5%

Dolphin Offshore, Hindustan Oil Exploration and Jindal Drilling were up between 3% and 6% on BSE.

SI Reporter  |  Mumbai 

Shares of oil exploration, equipment and services companies were trading higher on the bourses by up to 7% in otherwise subdued market as oil prices near 2015 high after North Sea pipeline shutdown.

Aban Offshore, Dolphin Offshore Enterprises, Selan Exploration Technology, Hindustan Company and Jindal Drilling & Industries were up between 3% and 6% on BSE. Oil and Natural Gas Corporation (ONGC) and Oil India too trading higher in the range of 1% to 2%, as compared to 0.28% decline in the S&P BSE Sensex at 10:10 AM.

oil prices were near 2015 highs on Tuesday after the unplanned closure of a major North Sea pipeline for repairs, knocking out significant supplies from a market that was already tightening due to OPEC-led production cuts, the Reuters report suggested. CLICK HERE TO READ FULL REPORT.

Higher crude prices will result in higher realisation for these companies and result in increased profitability for them.

DOLPHIN OFFSHORE 120.30 113.30 6.2
ABAN OFFSHORE 202.30 191.30 5.8
SELAN EXPL. TECH 233.65 222.55 5.0
HIND.OIL EXPLOR. 133.20 127.15 4.8
JINDAL DRILLING 161.90 157.20 3.0
ASIAN OILFIELD 221.10 214.90 2.9
DUKE OFFSHORE 103.00 100.90 2.1
O N G C 182.55 178.90 2.0
ALPHAGEO (INDIA) 940.00 925.25 1.6
OIL INDIA 363.70 358.90 1.3

First Published: Tue, December 12 2017. 10:11 IST