Page 18 - MEOG Week 50 2020

MEOG NEWS IN BRIEF MEOG

COMPANIES Oman Oil had recently expressed interest produced 1.947 million bpd of crude oil in
to divest its stake in BORL. October.
Bharat Petroleum to March this year when it converted warrants output for the third quarter of 2020 at 1.942
BORL became a subsidiary of BPCL in
The report put average Iranian crude
consider buying stake in into shares taking the state-owned refiner’s million barrels per day indicating a near
stake in the erstwhile equal joint venture to
7,000-bpd fall compared to the figure for the
Bina refinery 63.38%. second quarter of 2020.
In addition to the equity investment in
The country’s heavy crude oil prices also
Privatisation-bound Bharat Petroleum BORL, BPCL had subscribed to zero per cent increased $2.64 in November to register a
Corporation Ltd (BPCL) has said its board compulsorily convertible debentures of ?1,000 46.6-percent rise compared to the previous
will on Thursday consider buying out Oman crore and share warrants of ?1,585.68 crores month, according to the OPEC report.
Oil Company in the Bina refinery project in which on conversion would turn BORL into a Iran sold its heavy crude oil at $42.88 per
Madhya Pradesh. subsidiary of BPCL. barrel in the mentioned month, compared to
BPCL board will also consider merging MINT October’s $40.24 per barrel.
Bharat Gas Resources Ltd(BGRL) with itself, The country’s average heavy crude price
the company said in a filing to the stock was $39.98 since the beginning of 2020 up to
exchanges on Tuesday. OIL the report’s publishing date, in comparison to
BPCL holds 63.68% stake in Bharat Oman $61.68 in the previous year’s same period.
Refineries Ltd (BORL), which built and Second well spuds at OPEC Basket prices also rose 6.3 percent
operates a 7.8 million tonne oil refinery at to $42.99 a barrel in November, up $2.66 from
Bina in Madhya Pradesh. Oman’s Yumna October.
The company board will on December Based on the OPEC data, the cartel’s oil
17 “consider a proposal for according ‘in- Drilling has started on the second production increased by 707,000 barrels per
principle’ approval” for “acquisition of 36.62% development well on the Yumna oil field in day in November and the total production
of equity shares in BORL from OQ S.A.O.C. block 50 offshore Oman. of the members of this organization reached
(formerly known as Oman Oil Company According to operator Masirah Oil, a third 25.109 million barrels per day.
S.A.O.C.),” it said. well will follow on completion of Yumna 2. OPEC oil production in the previous
This would amount to the acquisition of All three production wells have been month stood at 24.402 million barrels per day.
88.8 crore equity shares from OQ. placed to optimize reservoir drainage and In addition to the devastating impacts of
The board would also consider a proposal to maximize recovery, the company added, the coronavirus pandemic on the global oil
to approach the Madhya Pradesh government with a wildcat exploration well also planned industry which resulted in the drastic fall in
for acquiring 2.69 crore warrants held by it in during the 90-day campaign to assess a nearby oil prices, the Iranian oil industry has also
BORL. lookalike prospect. been under pressure from the U.S. efforts to
The meeting would also consider “merger OFFSHORE isolate the country by re-imposing sanctions.
of Bharat Gas Resources Ltd (a wholly-owned TEHRAN TIMES
subsidiary of BPCL) with BPCL,” the filing Iran’s oil output up 39,000
said. Gulf Keystone expects
BPCL incorporated BGRL for handling bpd in November: OPEC
the natural gas business in June 2018. It won Kurdish field oil output at
licence to retail CNG to automobiles and Iran produced 1.986 million barrels per day
piped natural gas to households and industries (bpd) of crude oil in November, registering a top end of range
in 13 Geographical Areas under round 9 and 39,000-bpd increase compared to the previous
round 10 of City Gas Distribution (CGD). month, according to OPEC’s latest monthly Gulf Keystone Petroleum, the energy
BGRL is also planning to put up an LNG report published on Monday. company focused on Iraq’s semi-autonomous
import terminal along the East Coast of India. Based on secondary sources, Iran had Kurdistan region, expects oil output from

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