Oil India shares up over 7% as oil stocks hog limelight; ONGC rises 2.2%

Shares of oil exploration & production firms were in the limelight on Thursday, where Oil India climbed over 7 per cent, amid hopes of more focus on domestic exploration and production (E&P).

The stock of Oil India jumped 7.55 per cent while Hindustan Oil Exploration Company zoomed 6.42 per cent on the BSE.

Shares of Selan Exploration Technology climbed 4.27 per cent and ONGC went up by 2.26 per cent.

Oil India and ONGC also hit record-high levels in intra-day trade.

Oil Minister Hardeep Singh Puri on Thursday called for stepping up the oil and gas hunt to cut India's reliance on imports and make available fuel in an affordable and sustainable way.

Speaking at the Urja Varta conference, he said the exploration and production (E&P) sector is integral in the journey towards energy self-sufficiency, which is critical for sustained economic growth.

"E&P offers investment opportunities worth USD 100 billion by 2030," he said.

Stating that India's exploration and production .