ALSO READOil exploration stocks rally; Dolphin Offshore, Aban Offshore up over 7% Aban cuts dependency on Iran to avoid further sanction risks Rising oil to fuel ONGC, Oil India earnings Oil exploration stocks surge; Jindal Drilling, Dolphin Offshore up over 10% ONGC, Oil India trade firm on rising crude oil prices
Aban Offshore, Dolphin Offshore Enterprises, Selan Exploration Technology, Hindustan Oil Exploration 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.
Brent crude 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 oil exploration companies and result in increased profitability for them.
|SELAN EXPL. TECH||233.65||222.55||5.0|
|O N G C||182.55||178.90||2.0|