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Oil exploration stocks surge; Jindal Drilling, Dolphin Offshore up over 10%

Jindal Drilling, GOL Offshore and Dolphin Offshore were up in the range of 12% to 20%.

SI Reporter  |  Mumbai 

Oil prices at 3-week low as rising output risks Opec-led output cuts

Shares of oil exploration, equipment and services companies have rallied  up to 20% on BSE on the back of heavy volumes.

Jindal Drilling & Industries, Oil Country Tubular, GOL Offshore and Dolphin Offshore Enterprises (India) were trading higher in the range of 12% to 20%. Aban Offshore, Company and Selan Exploration Technology were up between 3% and 8%.

Reliance Industries (RIL) on Thursday announced it would invest Rs 40,000 crore ($6 billion) in three projects, over three to five years, for developing discoveries in the KG-D6 block along with its 30% partner BP Plc.

The two companies will jointly explore options to develop differentiated fuels, mobility and advanced low-carbon energy businesses in India.

“India today consumes over 5 billion cubic feet a day of natural gas and aspires to double gas consumption by 2022. Gas production from the integrated development is expected to help reduce India’s import dependence and amount to over 10% of the country’s projected gas demand in 2022; benefiting India and domestic consumers at large,” RIL said in a press release