Rio De Janeiro: Brazil’s state-run oil company Petroleo Brasileiro SA (Petrobras) discovered natural gas in a well being drilled to help measure the potential of a giant Brazilian offshore find, the company said in a securities filing on Wednesday.

Petrobras owns 75% and its Indian partner Oil and Natural Gas Corp. Ltd (ONGC) 25% of the discovery.

The discovery was made in an extension well being used to evaluate the Poco Verde prospect in the BM-SEAL-4 block. The well was drilled in 2,196 meters of water 58km off the coast of Aracaju, the capital of Brazil’s Sergipe state.

With the difference between the sale price and the market (non-subsidised) price of diesel dropping to a historic low of 8 paisa/litre on Monday, analysts believe that Bharat Petroleum Corporation (BPCL) is likely to gain the most from the falling under-recoveries.

Analysts cite cheaper valuations and stronger refining performance as key positives for the stock. “We prefer BPCL, where core performance is the strongest, with the stock at 11x P/E under such a scenario despite the 65% price rise in 2014,” Barclays said in a report.

State-run Bharat Petroleum Corporation (BPCL) has reported an eight fold increase in net profit for the April-June quarter.

The company's net profit stood at Rs 1,216.3 crore, led by higher other income and lower finance cost. Net profit for the year-ago period was Rs 150.3 crore.

Mumbai: Bharat Petroleum Corp. Ltd’s (BPCL’s) 6-million-tonne (mt) Bina refinery unit is set to turn around this year after posting losses for three years in a row, paving the way for its initial share sale that was delayed because of the losses and a tepid stock market, according to two people familiar with the development.

The Bina plant is run by Bharat Oman Refineries Ltd or BORL, which is majority owned by BPCL, which holds a 49% stake. Oman Oil Co. SAOC owns a 26% stake in the joint venture; the rest is held by institutions. The refinery, which was to be commissioned in 2009 but was inaugurated in May 2011 by former Prime Minister Manmohan Singh, has been plagued by technical problems. The issues are likely to be resolved by October, said one of the people cited above, asking not to be identified.

Mumbai: Bharat Petroleum Corp. Ltd (BPCL) is talking to companies in Japan and China for technology to manufacture propylene-based products at its proposed petrochemicals complex in Kochi in Kerala.

Two persons familiar with the talks confirmed that the country’s second biggest state-owned oil refiner was in discussions with one company each in Japan and China. A final decision is likely in two months, they said.

Mumbai: The 30-share benchmark S&P BSE Sensex and 50-share CNX Nifty rose to all-time highs in intra-day trade and at close for a second day on Friday as energy shares surged on optimism Prime Minister Narendra Modi will take a decision on raising natural gas prices by the end of this month.

The Sensex closed at a fresh high of 25,396.46 points, up 1.51%, or 376.95 points, while the Nifty ended at a fresh high of 7,583.40, up 1.46%, or 109.30 points.

Mumbai: State-owned Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) have shown interest in buying crude oil from Cairn India Ltd.

Cairn sells crude only to two Gujarat-based private refiners —Reliance Industries Ltd in Jamnagar and Essar Oil Ltd in Vadinar. A 590km pipeline moves crude oil from Cairn’s Barmer fields in Rajasthan to Salaya in Jamnagar district.

State-run Bharat Petroleum Corporation (BPCL) is planning to open an office in Singapore to expand its global reach and participate in crude oil trading.

The Singapore office, two senior company executives said, would also help the company trade in energy derivatives, international financing and other joint ventures that the company may plan in the future.

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