Oil India shares jump 4% on Dolphin Drilling deal; check details

Confirming the development through an exchange filing, the company added that the contract was signed by the CEO of Dolphin Drilling, Norway, a leading drilling contractor for the offshore oil and gas limited, and the General Manager (C&P) of OIL. The agreement was inked in Delhi in the presence of the chairman and managing director of OIL along with functional directors and senior officials of both the companies.

The Blackford Dolphin will be deployed to drill in the Andaman Offshore Blocks to undertake exploration activities. The deal with Dolphin Drilling is expected to pave the way for further collaborations and growth opportunities for Oil India.

Oil India shares opened the trade at ₹563.10, up from the previous close of ₹555.25 apiece on NSE. The stock closed at ₹548.9 per share, down 1.1% on NSE following corrections from the day's high.

The stock is 15% away from its previous 52-week high of ₹653 apiece, hit on July 12.

Last week, Saloma Yomdo assumed his duties as Director (Exploration & Development) at Oil India Limited. A petroleum engineering graduate from IIT Dhanbad (formerly Indian School Of Mines), Yomdo previously served as executive director (exploration and development) at OIL, overseeing E&D activities.

He has led the implementation of various exploration, development and reservoir management practices in OIL’s oil and gas fields.

Oil India Ltd. posted strong growth in the last quarter of FY24. The company's consolidated net profit for Q3FY24 surged ₹2,333 crore, up 18% from the year-ago period.

Its revenue from operation also surged 16% year-on-year to ₹10,166 crore.