Oil India Ltd today said an incident of leakage took placed at one of its well situated in Assam's Tinsukia district at around 11:30 pm on April 9, 2024. "OIL personal rushed to the site and controlled the leak at around 2:20 am today. The District Administration was informed and officials from the Administration was present at site to assess and address the situation," the state-run oil firm stated a BSE filing.
U.S. crude inventories have climbed amid outages at large refineries that have left utilisation rates at the lowest level in two years, though the plants are resuming output.
Shares of Oil India surged 10% to a 52-week high of Rs 617 on the NSE. Brokerages Morgan Stanley and Motilal Oswal maintained their positive stance on the company s earnings, production outlook, and hydrocarbon growth amidst a decline in net profit.
Oil India share price target: Emkay Global said it has upped its target price for Oil India by 50 per cent to Rs 670 per share as its earlier estimates and valuations were built on conservative assumptions
Last year, the government also reduced the prices of gas produced from old blocks to $6.50 per million British thermal units (mmBtu) from $8.57 per mmBtu, squeezing the realisation of ONGC and Oil India, which together operate old fields responsible for about 80% of India s annual gas output.