Oil exploration stocks surge; Dolphin Offshore zooms 10%

NEW DELHI: Offshore companies including Dolphin Offshore, Aban Offshore, Selan Exploration and Hindustan Oil Exploration (HOEC) advanced up to 10 per cent in early trade after crude oil prices jumped more than 3 percent in the previous session, with Turkey threatening to cut crude flows from Iraq's Kurdistan region to the outside world.

Dolphin Offshore Enterprises was trading 10.05 per cent up at Rs 96.90 in morning trade. Aban Offshore was trading 7.43 per cent up at Rs 191.70 around 10 am (IST), while Selan Exploration and HOEC were trading higher by 6.58 per cent and 4.55 per cent, respectively, in morning trade.

State-owned ONGC was up 2.58 per cent at Rs 168.70. The company will acquire the government’s 51.11 per cent stake in HPCL through a bulk or block deal some time in November or December at the prevailing market price.

Brent hit a two-year high on Monday, helped by output curbs by the Organization of Petroleum Exporting Countries and other major producers, although US crude has lagged behind amid concerns that US production-growth could stoke oversupply.