Oil exploration cos track crude, trade near year highs
Jigyasa Roy / Mumbai Aug 17, 2009, 00:03 IST
Share prices of Oil exploration companies have posted smart gains so far this year as crude oil prices have shot to its highest level recently on August 5. Oil prices have been spiralling northwards on the back of hopes of a early global economic recovery and higher demand. Brent crude oil settled at $72.41 a barrel on the ICE on Friday.
The crude oil prices are currently trading near its highest level this year. The BSE Oil & Gas index has somewhat underperformed with respect to the oil traded on Intercontinental Exchange (ICE), as it has zoomed only 63% to 9,869, today from its last year's close of 6,050. However, crude oil price jumped over 93% from the last December's close of $37.9, a more than 30% increase in comparison to the BSE Oil & Gas index. The BSE Oil & Gas index surged over 74% when it achieved its calender-year high on June 10. Crude Oil price posted a significant two-fold increase or nearly 98% rise recently at $74.96 on August 5.
India's largest state-run oil exploration firm by sales ONGC witnessed a steep spike of over 84% to Rs 1,229 - its life-time high on August 14 - as against Rs 667 on December 31, 2008.
Cairn India, a leading player in exploration and production company, rose nearly 45% to settle at Rs 249. The company registered a sharp appreciation of 54.5% in its share price to achieve its life-time high of Rs 266, on June 2. As per reports, the company is likely to start crude production from its Rajasthan oil fields later this month. The company has already reached pricing agreements for the crude with principal buyers, Indian Oil Corporation and Mangalore Refinery and Petrochemicals.
Hindustan Oil Exploration Company (HOEC) made a spectacular climb of over 272% when compared to its December end close to hit its all-time high of Rs 245 today. The scrip mounted a steep surge of 250% to close at Rs 230 on the BSE today, when compared to its close of Rs 65.80 on December 31. The stock started to gain significantly after the company announced on July 21, that two of its block aquired under NELP VII was granted Petroleum Exploration Licence by the Government of Rajasthan, following which, the stock has skyrocketed nearly 83% from its close of Rs 134 on July 21.
Company Name
Curr - Last yr
High - Last yr
Curr-High
Brent Crude Oil
91
98
-3.4
Aban Offshore
74.58
84.74
-5.49
Alphageo India
54.30
101.62
-23.46
Asian Oilfield
33.18
59.29
-16.38
Cairn India
44.88
54.56
-6.26
Dolphin Offshore
95.23
106.05
-5.25
Hindustan Oil Exploration
250.22
272.34
-4.13
Selan Explo
63.72
77.33
-7.67
Shiwani Oil
156.62
169.10
-4.63
ONGC
82.76
84.19
-0.70
(all figures are returns in % terms)
(% written are as of August 14 close)
Aban Offshore rose 74.5% to Rs 501 as of August 14 when compared to its last December close of Rs 672. The stock soared nearly 85% to Rs 1,245 when touched its high on June 5. The scrip rallied over 32% from its month-ago close of Rs 856.
Dolphin Offshore soared 95% from last year and witnessed a spike of 106% when the stock hit its highest on July 28.
Shiv Vani Oil & Gas Exploration Services skyrocketed 156.5% to Rs 345 today from its last December's close of Rs 134. The stock zoomed 169% to touch its year high at Rs 362 on August 3.
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