New Delhi: Shares of oil exploration and production companies were in the news on Thursday, with Oil India rising over 7 per cent amid hopes of greater focus on domestic exploration and production (E&P).
Oil India shares jumped 7.55 per cent on BSE while Hindustan Oil Exploration Company shares jumped 6.42 per cent.
Shares of Celan Exploration Technology rose 4.27 percent and shares of ONGC rose 2.26 percent.
Oil India and ONGC also hit record highs in intra-day trade.
Oil Minister Hardeep Singh Puri on Thursday called for cutting India's dependence on imports and increasing exploration of oil and gas to provide fuel in an affordable and sustainable manner.
Speaking at the Energy Dialogue conference, he said the exploration and production (E&P) sector is integral in the journey to energy self-reliance, which is critical for sustained economic growth.
“E&P offers investment opportunities worth US$100 billion by 2030,” he said.
Stating that India's exploration and production potential is still untapped, he said, "I find it strange that India is so dependent on oil imports despite the abundant geological resources available to us."
"Our exploratory efforts should be focused on discovering 'yet to be discovered' resources," he said.
India imports more than 85 percent of its crude oil needs. In refineries, crude oil is converted into fuels like petrol and diesel.
Oil India shares jumped 7.55 per cent on BSE while Hindustan Oil Exploration Company shares jumped 6.42 per cent.
Shares of Celan Exploration Technology rose 4.27 percent and shares of ONGC rose 2.26 percent.
Oil India and ONGC also hit record highs in intra-day trade.
Oil Minister Hardeep Singh Puri on Thursday called for cutting India's dependence on imports and increasing exploration of oil and gas to provide fuel in an affordable and sustainable manner.
Speaking at the Energy Dialogue conference, he said the exploration and production (E&P) sector is integral in the journey to energy self-reliance, which is critical for sustained economic growth.
“E&P offers investment opportunities worth US$100 billion by 2030,” he said.
Stating that India's exploration and production potential is still untapped, he said, "I find it strange that India is so dependent on oil imports despite the abundant geological resources available to us."
"Our exploratory efforts should be focused on discovering 'yet to be discovered' resources," he said.
India imports more than 85 percent of its crude oil needs. In refineries, crude oil is converted into fuels like petrol and diesel.