Videocon-BPCL finds oil in Brazil, shares surge

Shares of Videocon Industries and state-owned oil major Bharat Petroleum Corp Ltd (BPCL) surged over 6% on the Bombay Stock Exchange on Friday, after the two companies together announced finding more than a billion barrels of oil in a Brazilian off-shore field, in one of the biggest global discoveries of the year.

Shares of Videocon Industries and state-owned oil major Bharat Petroleum Corp Ltd (BPCL) surged over 6% on the Bombay Stock Exchange on Friday, after the two companies together announced finding more than a billion barrels of oil in a Brazilian off-shore field, in one of the biggest global discoveries of the year.

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While Videocon Industries closed 6.3% higher at Rs 181, BPCL rose 6.1% to Rs 329 on the BSE.

Government-owned Brazil Petroleo Brasileiro SA and IBV Brasil, a 50:50 joint venture between BPCL and Videocon Industries, made the discovery off Brazil’s north-eastern coast that SEAL-11 exploration block has large reserves of oil and gas.

When contacted, executives of both Videocon Group and BPCL refused to comment.