IOC Surges On Acquiring AbuDhabi Onshore Block

Indian Oil Corporation Limited (IOC) announced in an exchange filing on Monday that it has acquired the Abu Dhabi Onshore block-1.

Accordingly, Indian Oil Corporation along with Bharat Petro Resources (BPRL), which is a subsidiary of Bharat Petroleum Corp (BPCL) acting jointly as Indian consortium through Urja Bharat Pte have been awarded 100% stake in the AbuDhabi Onshore Block-1 Concession which has been awarded by the Supreme Petroleum Council (SPC), on behalf of the AbuDhabi govt to Urja Bharat Pte Ltd.

Indian Oil Corporation’s stocks reacted positively with this development. The stock of IOC opened at Rs157 per share and registered a high of Rs162.70 and also dipped to a low of Rs155 per share. At 2.55 pm, the stock was trading at Rs162.35 per share, up by 3.37% on Monday.

Additionally, IOC along with its peers HPCL and BPCL also added positive focus today, after crude oil dropped as recession concerns in the US again loomed. 

Meanwhile, the benchmark indices were downbeat with BSE Sensex at 37,790 down by 373oints and Nifty at 11,343 down by 113points or 0.99 percent.