Home / Financial News / Videocon zooms 9% after announcing fresh oil discovery in Brazil

Videocon zooms 9% after announcing fresh oil discovery in Brazil

Shares of Videocon Industries zoomed nearly 12% to Rs 177 on the BSE after it announced petroleum discovery in Brazil by a consortium. 

“The accumulation is part of the Sergipe-Alagoas Basin ultra-deep water exploratory project, as provided for in the 2014-18 business and management plan.The well 3-SES-186 is currently under further drilling to the target depth of 6060 meters, at water depth of 2467 metres,” Videocon said in a statement issued to BSE. 

This is largest discovery of petroleum by the consortium this year. The consortium includes Petrobras, BPCL and Videocon. The consortium partners will continue implementation of the Discovery Assessment Plan (PAD) as approved by the Brazilian regulatory authority, Agencia Nacional Do Petroleo, Gas Natural e Biocombustiveis (ANP).

The consortium will carry on operations in the area to further confirm the extent of the hydrocarbons inplace and the characteristics of the reservoir conditions encountered.

The stock opened at Rs 160 and touched a high of Rs 177 on the BSE. By 10.50AM, a total of 762,184 shares have changed hands on the BSE.

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