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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