BPCL, Videocon surge on new oil find by Brazil partner

Reuters

Reuters Market Eye - Shares in Bharat Petroleum Corporation Ltd (NSI:BPCL.NS - News) and Videocon Industries (NSI:VIDEOIND.NS - News) gain after a drilling campaign off Brazil's northeastern coast showed that an area controlled by Petrobras and the Indian companies likely holds more than a billion barrels of oil.

Petroleo Brasileiro SA (SAO:PETR4.SA - News), as Brazil's state-run oil company is formally known, and IBV Brasil, a 50-50 joint venture between BPCL and Videocon Industries, have determined the SEAL-11 exploration block contains very large amounts of high-quality light crude oil and natural gas, according to five government and industry sources with direct knowledge of the drilling results.

BPCL is up 6.1 percent, while Videocon Industries gains 6.4 percent at 2.41 pm.

(Reporting by Abhishek Vishnoi)

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