Oil India controls wellsite leakage in Assam's Tinsukia district, internal enquiry underway

Oil India Ltd (OIL) on Wednesday 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. Proactively, fire service was mobilised, and fire service crew is kept stand by," the state-run oil firm stated a BSE filing.

Upon examination, a hole was observed on the flow path from the X-mass tree and the same is under investigation, it mentioned. "Gas and crude oil had spread out over nearby areas located within approximately 100 m from the wellsite. An on-site assessment team of OIL is formed to assess the affected areas immediately. The OIL team is taking up measures for remediation of the affected area," OIL further said.

The oil PSU also informed that an internal enquiry is being conducted for a thorough investigation. "OIL reassures that the well is in completely controlled & closed condition and there is no point of panic for the same," it added.

The exchange filing was released post-market hours today. Shares Oil India settled 0.33 per cent at Rs 631.75.

On technical setup, the counter traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 61.66. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 12.52. Earnings per share (EPS) stood at 3.

Around 1.72 lakh shares changed hands on BSE. The figure was lower than the two-week average volume of 3.27 lakh shares. Turnover on the counter came at Rs 10.94 crore, commanding a market capitalisation (m-cap) of Rs 68,507.30 crore.