BPCL Discovers Natural Gas Reserves At Mozambique (19-Feb-2010)
Bharat Petroleum Corp Ltd (BPCL) stated that natural gas reserves have been discovered in a block off Mozambique where it has a minority stake.
The discovery was made by consortium which includes Videocon, Anadarko Petroleum, Cove Energy and Mitsui.
One well has been drilled at present called Windjammer and the operator plans to drill 4 more wells.
Bharat Petroleum Corp Ltd lost 0.29% and is at Rs 583 on BSE at 3:08pm.
The stock hit an intraday high of Rs.600.8 till now, as against the 52-week high of Rs.658.The stock hit a low of Rs.576 during the day. The stock had hit a 52-week low of Rs.329.15 on March 20, 2009.
Meanwhile today, the BSE Sensex is trading down by 98.34 points, or 0.60% , at 16229.50 on 3:08pm.
BPCL has an equity capital of Rs 361.54 crore as of 2009 Dec. The face value per share is Rs 10. At the current price of Rs 583, the P/E multiple stood at 28.64 with book Value of 335.46 and P/BV at 1.74.
The total shareholding pattern of the company as on Dec 2009 stood at Promoters- 54.93%, Institutional Investors- 28.44%, General Public- 2.77% and other investors- 13.85%.
Meanwhile, Anadarko Petroleum Corp is the US energy firm and the operator of Area-I in Rovuma Basin offshore Mozambique.
It has discovered more than 145 meters of natural gas pay in an exploration well drilled on the block.
Bharat Petro Resources Ltd, a unit of BPCL, has 10% interest in the block.
Moreover, Videocon has an equivalent interest in the block where Anadarko has 36.5% stake.
Cove Energy, on the other hand, has 8.5%, Mitsui 20% and Mozambique national oil firm ENH the remaining 15%.
Previously, it was said that its next big plan is from the well, head to gas stove as India more and more starts depending on natural gas to fuel its economic growth.
BPCL has set up a special strategic business unit for sale and transportation of natural gas and aims to attain a considerable increase in revenues from current Rs 500 crore from natural gas sales.
Bharat Petroleum Corporation Ltd (BPCL) has posted a fall of 52.6% in net profit at Rs 379.09 crore for Q3 of 2009-10. It had a net profit of Rs 799.84 crore in the year-ago period. However, net sales of the oil refiner and marketing firm rose to Rs 32,161.24 crore during the quarter ended December 2009 from Rs 31,884.48 crore of the corresponding quarter last fiscal.
Its market sales rose to 7 million tones compared to 6.84 million tonnes of the same period previous financial year.
Meanwhile, for the nine-month period ended December, BPCL reported a net profit of Rs 834.44 crore, while the company had suffered a net loss of Rs 2,892.12 crore during the corresponding period a year earlier.
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