BSE Oil & Gas index up 2%; ONGC, Oil India, GAIL surge up to 4%

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BSE Oil & Gas index up 2%; ONGC, Oil India, GAIL surge up to 4% - Business Standard

Quick Summary:

British energy major BP, along with Reliance Industries and ONGC, has secured an offshore block off the Gujarat coast in the latest exploration bidding round.

Oil India, in an exchange filing, said the company secured 9 blocks under OALP Round IX, adding over 51,000 Sq.km to its exploration portfolio, with 6 blocks as sole operators and 3 as consortium partners.

This milestone propels Oil India’s total exploration acreage from 60,000 sq.km to 110,000 sq.km, registering a remarkable 85 per cent growth.