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ET SPECIAL:
NEW DELHI: BPCLBSE 9.25 % and Videocon IndustriesBSE 7.77 % rallied in mid-morning trade on Friday, a day after Reuters reported that SEAL-11 exploration block in which both companies hold 40 per cent - has reserves of more than a billion barrels of oil.
At 10:20 a.m.; BPCL was trading 8.54 per cent higher at Rs 336.20. It has hit a low of Rs 314.80 and a high of Rs 338.40 in trade today.
Videocon Industries Ltd was trading 3 per cent higher at Rs 175.00. It has hit a low of Rs 173 and a high of Rs 176 in trade today.
Petroleo Brasileiro SA, as Brazil's state-run oil company is formally known, and IBV Brasil, a 50-50 joint venture between India's Bharat Petroleum Corp (BPCL) and Videocon Industries Ltd, have determined the SEAL-11 exploration block contains very large amounts of high-quality light crude oil and natural gas, said the Reuters report.
Bharat Petroleum Corporation Ltd (BPCL) rallied over 8 per cent in morning trade post the announcement while Videocon Industries as much as 3.6 per cent.
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, according to two of the sources.
"If confirmed, that would make the block - owned 60 per cent by Petrobras and 40 percent by IBV - one of the biggest global discoveries of the year," added the Reuters report.
Petrobras has been betting that the waters off Sergipe hold large quantities of oil and gas since it bought rights to drill in the area a decade ago.
As the block's operator, Petrobras has registered finds in the area with Brazilian regulators in recent years as required by law, but has yet to announce estimates of the potential size of the resource.
At 10:20 a.m.; BPCL was trading 8.54 per cent higher at Rs 336.20. It has hit a low of Rs 314.80 and a high of Rs 338.40 in trade today.
Videocon Industries Ltd was trading 3 per cent higher at Rs 175.00. It has hit a low of Rs 173 and a high of Rs 176 in trade today.
Petroleo Brasileiro SA, as Brazil's state-run oil company is formally known, and IBV Brasil, a 50-50 joint venture between India's Bharat Petroleum Corp (BPCL) and Videocon Industries Ltd, have determined the SEAL-11 exploration block contains very large amounts of high-quality light crude oil and natural gas, said the Reuters report.
Bharat Petroleum Corporation Ltd (BPCL) rallied over 8 per cent in morning trade post the announcement while Videocon Industries as much as 3.6 per cent.
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, according to two of the sources.
"If confirmed, that would make the block - owned 60 per cent by Petrobras and 40 percent by IBV - one of the biggest global discoveries of the year," added the Reuters report.
Petrobras has been betting that the waters off Sergipe hold large quantities of oil and gas since it bought rights to drill in the area a decade ago.
As the block's operator, Petrobras has registered finds in the area with Brazilian regulators in recent years as required by law, but has yet to announce estimates of the potential size of the resource.
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