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By EquityPandit

BUSINESS

BPCL Planning to Invest $121 Million to Develop Oil and Gas Block

The Indian refiner is requesting permission from Indonesian authorities to develop the land.

Bharat Petroleum Corporation (BPCL) on Thursday, 23 January, announced in an exchange filing that it plans to invest $121 million to develop the Indonesian oil and gas block known as Nunukan.

The company’s exploration unit, Bharat PetroResources, owns 16.23% of the Nunukan block, which is administered by Indonesia’s national oil company, Pertamina.

The Indian refiner is requesting permission from Indonesian authorities to develop the land.

BPCL, India’s second-largest state-run refiner, reported a 36.85% year-on-year rise in its December quarter net profit to approximately Rs 4,649 crore compared to Rs 3,397 crore reported in the same quarter last year.

Despite a maintenance shutdown, the company achieved an average capacity utilization of 107% across its three refineries during the quarter.

However, the company’s revenue from operations stood at Rs 1,27,520.50 crore, a marginal decline from Rs 1,29,946.95 crore recorded in the same quarter of the previous fiscal year. 

Moreover, the company has also declared an interim dividend of Rs 5 per equity share and has set 29 January as the record date for the dividend. 

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