Stocks of Videocon Industries surged nearly 9 per cent after a consortium that includes Bharat Petroleum and Videocon made a significant crude oil discovery off the Brazil’s Northeast coast.
Videocon Industries’ stock jumped 8.79 per cent to settle at Rs 172.10 on the BSE. During the day, it surged 15.61 per cent to Rs 182.90.
At the NSE, it soared 7.88 per cent to close the day at Rs 170.35.
Tracking strength in the stock, the company’s market value rose by Rs 194.84 crore to Rs 5,485.84 crore.
A consortium that includes Bharat Petroleum and Videocon Industries has made a significant crude oil discovery off the Brazil’s Northeast coast.
The discovery was made in a well drilled in the BM-SEAL-11 exploration block in the Sergipe basin off Brazil’s Northeast coast, the two companies said in regulatory filings.
The well was drilled to appraise the ‘Farfan’ discovery made in August 2013.
“The result obtained in this well, confirms the extension of the light oil reservoirs previously discovered by the ‘Farfan’ discovery well… In addition, the well found of a new light oil accumulation with a total thickness of 68 meters in shallower reservoirs,” they said in identical but separate filings.
Brazilian state-run oil company Petroleo Brasileiro SA (Petrobras), which is the operator of the block, expects to start producing oil in the area in 2018.