Bharat Petroleum Corporation Limited (BPCL) has surged nearly 8% to Rs 333 on NSE reports that a drilling campaign off Brazil's northeastern coast showed that an area control by the consortium of IBV Brazil likely hold more than a billion barrels of oil.
The stock opened at Rs 315 and has seen a combined around 1.4 million shares change hands on the counter till 0950 hours on NSE and BSE.
Petroleo Brasileiro SA, as Brazil's state-run oil company is formally known, and IBV Brazil, a 50-50 joint venture between BPCL and Videocon Industries, have determined the SEAL-11 exploration block contains very large amounts of high-quality light crude oil and natural gas, the Reuters report suggests.
The SEAL-11 block and adjacent areas, 100 kilometers (62 miles) off the coast of the Brazilian state of Sergipe, may hold more than 3 billion barrels of oil in place. If confirmed, that would make the block - owned 60% by Petrobras and 40% by IBV - one of the biggest global discoveries of the year, added report.
Meanwhile, Videocon Industries is trading higher by 3% at Rs 175 on BSE.
The stock opened at Rs 315 and has seen a combined around 1.4 million shares change hands on the counter till 0950 hours on NSE and BSE.
Petroleo Brasileiro SA, as Brazil's state-run oil company is formally known, and IBV Brazil, a 50-50 joint venture between BPCL and Videocon Industries, have determined the SEAL-11 exploration block contains very large amounts of high-quality light crude oil and natural gas, the Reuters report suggests.
The SEAL-11 block and adjacent areas, 100 kilometers (62 miles) off the coast of the Brazilian state of Sergipe, may hold more than 3 billion barrels of oil in place. If confirmed, that would make the block - owned 60% by Petrobras and 40% by IBV - one of the biggest global discoveries of the year, added report.
Meanwhile, Videocon Industries is trading higher by 3% at Rs 175 on BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%