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The company has acquired a 40 percent stake in an ultra-deepwater hydrocarbon block in Brazil for USD 1.6 billion after seeking approval from the Union Cabinet On July 27, 2022. The block is expected to start production by 2026-27. Brazil's national oil company Petrobras owns and operates it with a 60 percent interest. [6]
The cabinet had cleared a plan to sell 53.3% of its stake in Bharat Petroleum Corporation (BPCL) [citation needed] with the rest owned by Foreign Portfolio Investors (13.7%), Domestic Institutional Investors (12%), Insurance (8.24%) and the balance held by individual share holders. [23] But as of 2024, such a plan is said to be off the table. [24]
The special efforts and corporate strategies put in place by Jain, after joining on 31.12.2005, yielded the much awaited turnaround of the Company. BPCL achieved a net profit of ₹1.84 crores during Financial Year 2005-06 after accounting for interest amounting to ₹135 million as against a loss of ₹108.6 million during previous year 2004-05.
The price of benchmark U.S. crude oil, called West Texas Intermediate, has tumbled to about $70 a barrel from $120 in June 2022, shortly after Russia’s invasion of Ukraine.
Among the beneficiaries of the current state of the oil market are U.S. motorists, who have seen gasoline prices fall to their lowest in 2 1/2 years to near $3 a gallon.
It is the largest publicly known emergency supply in the world; its underground tanks in Louisiana and Texas have capacity for 714 million barrels (113,500,000 m 3). [1] The United States started the petroleum reserve in 1975 to mitigate future supply disruptions as part of the international Agreement on an International Energy Program , after ...
Oil prices will fall to an ... , the international benchmark, traded just above $73 per barrel while West Texas ... The firm expects global oil demand growth to decelerate from 1.3 million barrels ...
Oil depletion is the decline in oil production of a well, oil field, or geographic area. [1] The Hubbert peak theory makes predictions of production rates based on prior discovery rates and anticipated production rates. Hubbert curves predict that the production curves of non-renewing resources approximate a bell curve.