BPCL surges as its arm discovers gas in Sergipe- Alagoas Basin, Brazil

22 Sep 2011 Evaluate

Bharat Petroleum Corporation (BPCL) is currently trading at Rs 672.20, up by 9.90 points or 1.49% from its previous closing of Rs 662.30 on the BSE.

The scrip opened at Rs 656.10 and has touched a high and low of Rs 672.90 and Rs 656.10 respectively. So far 17290 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 807.00 on 22-Sep-2010 and a 52 week low of Rs 530.00 on 24-Feb-2011.

Last one week high and low of the scrip stood at Rs 694.90 and Rs 651.00 respectively. The current market cap of the company is Rs 23944.93 crore.

The promoters holding in the company stood at 54.93 % while Institutions and Non-Institutions held 27.79 % and 17.28 % respectively. 

Bharat Petro resources, a wholly owned subsidiary of Bharat Petroleum Corporation (BPCL), has reported that Petrobras, operator of block 426 in BM-SEAL-11 Concession, has confirmed the presence of oil and gas accumulations, after completing the deepening, logging and testing operations at Barra Well (1-SES-158). The Barra Well was drilled in water depth of 2311 meters, 58 km from the coast of Sergipe and 90 km from Aracaju, in the Sergipe- Alagoas Basin off shore Brazil. The information obtained so far, is sufficient to confirm discovery of a new oil province in the Sergipe- Alagoas Basin.

The operator has reported the presence of excellent reservoirs with good porosities and permeability at a depth of approximately 5050 and 5400 meters. Excellent quality hydrocarbons were observed in the range from around 43 API(consolidate/ light oil) to 32 API(oil), during logging and fluid ( liquid and gas) sampling, in a formation test.

The consortium consisting of operators with 60% of participating interest and IBV Brasil Petroleo (a 50:50 Joint Venture company formed by wholly owned subsidiaries of Videocon Industries and Bharat PetroResources) holding the balance 40% participating interest, will continue the minimum exploration program, agreed with the National Agency of Petroleum Evaluation Plan submitted by the consortium, in order to ascertain the extent of accumulation.

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