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.

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

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.

COMPANY	LATEST	PREV CLOSE	GAIN(%)
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