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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.
The majority of production is coming from the Permian Basin in West Texas and southeast New Mexico, the report notes. ... but is expected to increase by 1% in 2025, averaging 114 Bcf/d, led by a 6 ...
The club space at the Total Plaza has an energy industry theme as it uses gold, bronze, and metallic colors. [2] Younger club members had requested a bar, so the new club has a bar with the view of the skyline of Houston. [5]
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