Oil exploration companies in focus; Aban Offshore, Dolphin Offshore record steep surge

The share price of oil exploration, equipment and services companies surged on the bourses in Tuesday’s intraday trade as the Brent oil prices rose to its 2015 high after the shutdown of North Sea pipeline.
 
Following the development, oil exploration majors including Aban Offshore, Dolphin Offshore Enterprises, Selan Exploration Technology, Hindustan Oil Exploration Company and Jindal Drilling & Industries gained by over 3 to 8  per cent  on BSE, despite an otherwise lacklustre market.
 
Aban Offshore led the oil exploration companies with an intraday high of Rs. 204.65 per share, higher by 6.97  per cent . The intraday low of the company was Rs. 196.65 per share. While Dolphin Offshore Enterprises hit an intraday high of Rs. 123 per share, higher by 8.51  per cent .
 
The shut down of North Sea pipeline for repairs has affected a significant amount of oil supplies in the world and the OPEC-led production cuts have already been increasing the pressure on oil prices.
 
At 11:50 hours, Aban Offshore was trading at Rs. 202.10 per share, higher by 5.65  per cent  and Dolphin Offshore Enterprises was trading at Rs. 119.55 per share, higher by 5.52  per cent  on BSE on Tuesday.