State-owned companies win oil & gas field auction
Shital Jibhe / 16 Feb 2017
The state-owned companies BPCL, HPCL and IOC, along with drug maker Sun Petrochemicals were declared winners of the much-awaited oil and gas field discovery auction. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi has approved award of 31 fields, out of the 34 that had received bids.
The state-owned companies BPCL, HPCL and IOC, along with drug maker Sun Petrochemicals were declared winners of the much-awaited oil and gas field discovery auction. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi has approved award of 31 fields, out of the 34 that had received bids.
BPCL, a unit of Bharat PetroResources Limited, has been awarded four fields; while Indian Oil Corporation (IOC) and Prize Petroleum, subsidiaries of Hindustan Petroleum Corporation (HPCL) have been awarded 3 each.
A Sun Pharma entity, namely, Sun Petrochemicals has won B-37 Cluster in Mumbai offshore. It was the sole bidder for the oil field. The company out of 46 fields had bid for 6 in the auction last year. On November 21 last year, the bids were closed and 34 bids were sought for, out of which 14 got single bids.
Adani Welspun also won one field and Nippon Power Ltd. won two in total.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.