Shares of state-owned oil marking companies (OMCs) are in limelight and trading higher by up to 8% on back of heavy volumes on the bourses.
Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL) are up 5-8% on the Bombay Stock Exchange (BSE).
HPCL, the largest gainer among the pack, has rallied 8% to Rs 245 after the company said its subsidiary Prize Petroleum has signed a deal to acquire stakes of Australian major AWE Ltd in two fields of that country.
The wholly-owned subsidiary of HPCL would grab 11.25% interest in T/L1, part of BassGas infrastructure and Yolla field, and a 9.75% interest in T/18P of Trefoil field in Australia for $85 million (approximately Rs 470 crore), HPCL said in a statement.
The field is held by a consortium in which Origin Energy, AWE and Toyota Tsusho are the major partners.
“The fields are located in shallow water in Bass basin between mainland Australia and Tasmania offshore Victoria. In addition to the field, the acquisition will also entail a stake in offshore platform, gas processing plant and a 147 kilo metre subsea pipeline. Production from Yolla mainly comprises of Gas, LPG and condensate,” it added.
Among the other individual stocks, IOC has surged nearly 7% at Rs 239 and BPCL by 6% at Rs 362 on the BSE.
Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL) are up 5-8% on the Bombay Stock Exchange (BSE).
HPCL, the largest gainer among the pack, has rallied 8% to Rs 245 after the company said its subsidiary Prize Petroleum has signed a deal to acquire stakes of Australian major AWE Ltd in two fields of that country.
The wholly-owned subsidiary of HPCL would grab 11.25% interest in T/L1, part of BassGas infrastructure and Yolla field, and a 9.75% interest in T/18P of Trefoil field in Australia for $85 million (approximately Rs 470 crore), HPCL said in a statement.
The field is held by a consortium in which Origin Energy, AWE and Toyota Tsusho are the major partners.
“The fields are located in shallow water in Bass basin between mainland Australia and Tasmania offshore Victoria. In addition to the field, the acquisition will also entail a stake in offshore platform, gas processing plant and a 147 kilo metre subsea pipeline. Production from Yolla mainly comprises of Gas, LPG and condensate,” it added.
Among the other individual stocks, IOC has surged nearly 7% at Rs 239 and BPCL by 6% at Rs 362 on the BSE.
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