BPCL - Bullish On Refining: Nirmal Bang
Bharat PetroResources, the exploration and production subsidiary, is planning to invest $1.6 bn in the Brazilian block BM-SEAL-11.
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Nirmal Bang Report
During the meeting with investors at our virtual investor conference, the Bharat Petroleum Corporation Ltd. management stated that it expects resumption in full capacity utilisation across all its refineries combined with healthy product spreads, especially in diesel, to support performance in H2 FY23 and beyond.
BPCL is also investing at least Rs 200 billion in the standalone city gas distribution business across 25 geographical areas – including eight new GAs won in the 11th round of the Petroleum and Natural Gas Regulatory Board auctions. Of these, 11 GAs are already in commercial operation with miniscule volume.
Bharat PetroResources Ltd, the exploration and production subsidiary, is planning to invest $1.6 billion in the Brazilian block BM-SEAL-11 (40% stake), which is awaiting final approval for field development and final investment decision. This block is likely to start production by FY27-end at ~0.4 million barrels per day, according to the management.
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