Oil India stock gains 3% on signing pact with Norway's Dolphin Drilling

Oil India stock ahead of Budget 2024: Shares of Oil India soared as much as 2.90 per cent to hit an intraday high of Rs 571.10 per share on Tuesday, July 23. 

The surge in the stock price came after the company announced that it has inked a deal with Dolphin Drilling for hiring of Blackford Dolphin.

In an exchange filing, the company said, “Oil India Limited (OIL), India’s oldest oil and gas company and the youngest Maharatna CPSE, signed a contract with Dolphin Drilling Limited, Norway, a leading drilling contractor for the offshore oil & gas industry, for the hiring of the ‘Anchor Moored Semi-Submersible Drilling Unit Blackford Dolphin’ on July 22, 2024, in Delhi.”

Furthermore, the company revealed that the contract was signed by the CEO of Dolphin Drilling and the general manager (C&P) of OIL in presence of the chairman and managing director of OIL along with functional directors and senior officials of OIL and Dolphin Drilling Limited. 

“The Blackford Dolphin will be deployed for drilling in Andaman Offshore Blocks to undertake exploration activities in the block,” Oil India added.

Last week, Oil India announced that Saloma Yomdo has assumed the position of Director (Exploration & Development) at Oil India Limited (OIL).

Oil India Ltd was originally established as Oil India Pvt Ltd on February 18, 1989, as a private limited company. It operates primarily in the exploration, development, and production of crude oil and natural gas, as well as in the transportation of crude oil and the production of liquid petroleum gas. The company underwent a name change from Oil India Pvt Ltd to Oil India Ltd, effective May 4, 1961.

The market capitalisation of Oil India is Rs 92,318.13 crore, according to Bombay Stock Exchange (BSE). The company falls under BSE 200 category.

The 52-week high of the stock is Rs 652.50 while its 52-week low is Rs 170.82 per share.

At 10:07 AM, shares of Oil India were trading 2.26 per cent higher at Rs 567.55 per share. In comparison, BSE Sensex was trading 0.10 per cent lower at 80,424.38 levels.