BPCL to Purchase Shale Gas in Australia

BPCL to Purchase Shale Gas in Australia

Bharat Petroleum Corporation Ltd., India’s public sector oil marketing firm, said that it had struck an accord with the Australian energy major, Norwest Energy, for acquirement of Shale Gas estate in the Perth Basin.

In the later trading session announcement, the firm informed BPCL, via its 100% subsidiary that it has executed a memo of intent with an ASX listed firm, Norwest Energy, for farming into two searching estates in the Perth Basin EP413 and TP/15, which posses shale gas potential.

BPCL Reports Fall in Q4 Profits

BPCL Reports Fall in Q4 Profits

Bharat Petroleum Corporation Ltd has posted an 80% fall in its fourth-quarter net profit. The fourth quarter ending March 2010 witnessed the inflow of a net profit amount worth Rs703 crore.

The Company explained that the fall in the profits is due to the altering methodology, followed by the petroleum ministry for distributing the oil bonds.

The profit amount reduced from Rs. 703 crore to Rs. 3,628 crore for the same quarter in the previous year.

PSU oil refiners to invest Rs 66,250 crore

PSU oil refiners to invest Rs 66,250 croreState-run oil refiners have decided to pump about Rs 66,250 crore by the next two fiscals on capacity expansion and projects to upgrade the quality of petrol and diesel produced at their existing plants.

Indian Oil Corporation (IOC), India’s major refiner, will invest Rs 29,836.82 crore in improving petrol and diesel quality at its refineries located in Gujarat, Uttar Pradesh, Haryana, Bihar and Assam.

BPCL arm to spend Rs 2131 crore for setup of bio-diesel project in Uttar Pradesh

BPCLBharat Renewable Energy, a JV promoted by Bharat Petroleum Corporation (BPCL), has decided to invest Rs 2,131 crore in a bio-diesel project in Uttar Pradesh.

Govt Declares Issue Of Oil Bonds Worth Rs 219.42 Billion

Indian government has declared the issue of ‘6.90% Oil Marketing Companies’ Government of India Special Bonds, 2026’ for Rs 219.42 billion (nominal).

The special bonds are being issued to 3 oil marketing companies (OMCs) as compensation for estimated under-recoveries due to sale of sensitive petroleum products in the existing financial year.

The following listed oil marketing companies will get special bonds at par:

- Indian Oil Corporation (IOCL) for Rs 119.44 billion.

BPCL in talks with Nippon for power via fuel cell technology

State-run oil marketing conglomerate, Bharat Petroleum Corporation (BPCL), has informed that the company is searching the options to produce up to 1,000 mw of power through fuel cell technology over the coming three to five fiscals, and is holding talks with Japan based Nippon Oil Corporation for polymer electrolyte fuel cell (PEFC) technology.

Established in 2005, PEFC is globe’s first cogeneration system based on liquefied petroleum gas (LPG).

This system was developed by Nippon Oil, Japanese major oil importer and distributor.

BPCL To Invest Rs 20 Bn In Three Years

State-run Bharat Petroleum Corporation (BPCL) has made announcement that the company envisages to pump Rs 20 billion for hydrocarbon exploration and production (E&P) in the coming 3 fiscals.

According to the company, its E&P subsidiary named Bharat Petro Resources, will infuse Rs 15 billion for the development of its 24 blocks.

Bharat Petro Resources acquires 10% stake in Anadarko Mozambique

Bharat PetroResources Ltd (BPRL), has informed that company’s wholly owned overseas subsidiary, BPRL Ventures Mozambique BV, has executed a participation Agreement with Mozambique-based Anadarko Mozambique Area 1 Limitada (Anadarko).

Under the arrangement, BPRL Ventures will acquire a 10% participating interest in an exploration and production block called Area 1 Offshore of the Rovuma block.

BPCL To Become Integrated Producer Of Bio-Diesel

Bharat Petroleum Corporation (BPCL) destines to become an incorporated producer of bio-diesel, and may divert its bio-diesel business into a separate company.

A company representative said that BPCL would anticipate combining with state governments in upgrading bio-diesel production through the National Rural Employment Guarantee Act (NREGA).

During 2007, BPCL had signed a memorandum of understanding (MoU) with a brazilian company ‘Petrobras’ for teamwork in bio-fuels such as ethanol and bio-diesel.

BPCL Buy Call

Stock analyst Ashwani Gujral is of the view that investors should buy BPCL stock to achieve a short term target of Rs 550.

Mr. Gujral said that the investors should keep a stop loss at Rs 425 for the said short-term target.

If the investors want to take advantage of this volatility, buy it on declines. The investors should hold the stock for at least 4 weeks.

Don’t worry, if the stock price declines, it still has much potential. So don’t miss the chance and make good profit. On BSE, the stock has seen a 52-week high of Rs 560 and a low of Rs 287.05.