Oil India gains on winning 2 blocks in DSF round II bidding

Oil India rose 1.67% to Rs 176.70 at 11:09 IST on BSE after the company said it was awarded two blocks as part of the discovered small field bid round-II.

The announcement was made after market hours on Friday, 8 March 2019.

Meanwhile, the S&P BSE Sensex was up 323.09 points, or 0.88% to 36,994.52.

On the BSE, 26,000 shares were traded in the counter so far compared with average daily volumes of 1.18 lakh shares in the past two weeks. The stock had hit a high of Rs 176.80 and a low of Rs 173.75 so far during the day. The stock hit a 52-week high of Rs 247.45 on 18 May 2018. The stock hit a 52-week low of Rs 166.15 on 30 January 2019.

Oil India (OIL) has been carrying out exploration and production activities in the north eastern states of Assam, Arunachal Pradesh and Mizoram for several decades. It is also carrying out exploration & production (E&P) activities in Rajasthan and KG Basin.

OIL announced that as part of the discovered small field (DSF) bid round-ll, it has been awarded two blocks. Onshore contract area AA/ONDSF/Tulamura/2018 covering an area of 47.23 square km in Tripura and offshore contract area KG/OSDSF/GSKW/2018 covering an area of 93.902 square km in the Krishna Godavari (KG) basin. This will be OIL's first ever foray into the North Eastern state of Tripura and also into KG Offshore.

Earlier in October 2018, OIL was awarded nine exploration blocks under the open acreage licensing program (OALP) bid round l. The 9 OALP blocks, two in Rajasthan and seven in the North East awarded to OIL cover a combined area of 7907 sq km. OIL is planning to commence the exploration activities in the OALP blocks during FY 2019-2020.

Oil India's net profit rose 74.9% to Rs 1,233.45 crore on 23.2% increase in net sales to Rs 3,514.03 crore in Q3 December 2018 over Q3 December 2017.

Oil India is a premier Indian national oil company engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. OIL also provides various E&P related services and holds 26% equity in Numaligarh Refinery.

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