BPCL at 17-mth high on Mozambique gas discovery

This adds an estimated 7 to 20-plus Tcf recoverable resources

Bharat Petroleum Corporation Limited (BPCL) has moved higher by over 4% at Rs 740, its highest level since November 2010, after the state-owned company said yet another well in the natural gas discovery block located at offshore Mozambique has struck good quality reservoir.

"Anadarko Mocambique Area-1 Limitada, the operator of exploration block in Rovuma Basin, Area-1, offshore Mozambique has informed that the Golfinho discovery well encountered more than 59 net meters of natural gas pay in two high-quality Oligocene fan systems," BPCL, whose subsidiary Bharat PetroResources Ltd holds 10% in the block, said in a regulatory filing to the stock exchanges.

 

This adds an estimated 7 to 20-plus trillion cubic feet (Tcf) recoverable resources, in addition to the earlier announced 17 to 30-plus Tcf in the prosperidade complex within the block, it added.

A combined 1.04 million shares have changed hands on the counter so far on the NSE and BSE.