Oil exploration & production stocks in limelight; Oil India jumps 7.55 pc | News on Markets

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Shares of oil exploration & production firms were in the limelight on Thursday, where Oil India climbed over 7 per cent, amid hopes of more focus on domestic exploration and production (E&P).

The stock of Oil India jumped 7.55 per cent while Hindustan Oil Exploration Company zoomed 6.42 per cent on the BSE.

Shares of Selan Exploration Technology climbed 4.27 per cent and ONGC went up by 2.26 per cent.

Oil India and ONGC also hit record-high levels in intra-day trade.

Oil Minister Hardeep Singh Puri on Thursday called for stepping up the oil and gas hunt to cut India’s reliance on imports and make available fuel in an affordable and sustainable way.

Speaking at the Urja Varta conference, he said the exploration and production (E&P) sector is integral in the journey towards energy self-sufficiency, which is critical for sustained economic growth.

“E&P offers investment opportunities worth USD 100 billion by 2030,” he said.

Stating that India’s exploration and production potential still lies untapped, he said, “I find it strange that India is so heavily reliant on oil imports despite the abundant geological resources available to us.”

“The focus of our exploratory endeavours must pivot towards discovering ‘Yet to Find’ resources,” he said.

India imports over 85 per cent of its crude oil needs. Crude oil is converted into fuels like petrol and diesel in refineries.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Jul 11 2024 | 10:36 PM IST

Source: Latest News