Business Daily from THE HINDU group of publications
Wednesday, Sep 26, 2007
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Business Daily from THE HINDU group of publications Wednesday, Sep 26, 2007 ePaper |
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Stock Markets Markets - Stocks Industry & Economy - Petroleum
Our Bureau Mumbai, Sept. 25 Shares of BPCL witnessed hectic activity on the bourses on Tuesday following a news report of a major gas discovery at its exploration block in Assam, which was later denied by the company. The stock rose by 7.31 per cent on the BSE. Opening at Rs 333 on the BSE, the share touched an intra-day high of Rs 392.80 before settling at Rs 348.50 against Monday’s close of Rs 325.95. A total of 13.2 lakh shares changed hands. In a notice to stock exchanges, BPCL said: “the company has no knowledge of any find or discovery of gas or oil in its Cachar Exploration Block.” The report quoting a BPCL source said that the gas reserve is estimated to be 8-18 trillion cubic feet, at the Cachar field in Assam. BPCL’s consortium partner Premier Oil of United Kingdom is the operator of the exploration field. The Cachar block is held by a consortium of oil companies consisting of Indian Oil Corporation (35 per cent), Oil India Ltd (20 per cent), Essar Oil Ltd (16 per cent), Premier Oil (14.5 per cent) and BPCL (14.5 per cent). Mr B.K. Menon, Managing Director, Bharat Petro Resources Ltd, said there has been no discovery in the Cachar block. Industry sources familiar with the developments said the well testing has been going on in Cachar block but no gas producing well has been found. The block is unlikely to produce even 8 trillion cubic feet of gas, sources said. More Stories on : Stock Markets | Stocks | Petroleum
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