BPCL, ONGC stock rises over upward revision of Mozambique asset reserve

Posted By: Staff
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Mumbai, May 7 (IANS) Shares of state-run Bharat Petroleum and Oil and Natural Gas Corp.(ONGC) rose Wednesday, a day after the gas reserves in their Mozambique asset was revised upwards.

BPCL holds 10 percent in 'Offshore Area One' which is being explored by American energy company Anadarko. ONGC holds 16 percent stake in the block.

In its first quarter report for 2014, the US company raised its gas estimates from the field between 50 and 70 plus trillion cubic feet (tcf) from 40 to 70 plus tcf.

The BPCL stock rose 12.40 points or 2.64 percent at Rs.479.80 from its previous close of 467.45.

The ONGC scrip grew by 2.00 points or 0.59 percent at Rs.338.95 from its previous close of Rs.336.95.

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