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Oil & gas
BPCL
We met BPCL at the Access India conference. The key takeaways from the meeting were:
�� Bina refinery: BPCL is ready to commission its 6mmtpa Bina refinery and will do that
next month (April 2011). It will take another 12 months to ramp it up to full capacity. The
Nelson complexity index of this refinery will be 9.1.
�� Capital expenditure plans: BPCL has planned capital expenditure of INR500bn over the
next 5 years of which INR100bn is for E&P
�� Refining capacity expansion plans: BPCL plans to expand the Kochi refinery from
9.5mmtpa currently to 15mmtpa by FY15 and Bina refinery from 6mmtpa to 15mmtpa by
FY16. This will take refining capacity under its control from 24.5mmtpa currently to
45mmtpa by FY16.
�� Upstream: BPCL has planned 16 exploration wells in FY12 – 8 wells in India, 3 in Brazil,
2 in Mozambique and 2 in Indonesia.
�� Under-recoveries on subsidized fuels: BPCL estimates gross under-recoveries to total
INR750bn in FY11 and expects net under-recoveries to be not more than 10%. This
compares with our gross under-recovery estimate of INR756bn for FY11 and net sharing
of 10%
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Oil & gas
BPCL
We met BPCL at the Access India conference. The key takeaways from the meeting were:
�� Bina refinery: BPCL is ready to commission its 6mmtpa Bina refinery and will do that
next month (April 2011). It will take another 12 months to ramp it up to full capacity. The
Nelson complexity index of this refinery will be 9.1.
�� Capital expenditure plans: BPCL has planned capital expenditure of INR500bn over the
next 5 years of which INR100bn is for E&P
�� Refining capacity expansion plans: BPCL plans to expand the Kochi refinery from
9.5mmtpa currently to 15mmtpa by FY15 and Bina refinery from 6mmtpa to 15mmtpa by
FY16. This will take refining capacity under its control from 24.5mmtpa currently to
45mmtpa by FY16.
�� Upstream: BPCL has planned 16 exploration wells in FY12 – 8 wells in India, 3 in Brazil,
2 in Mozambique and 2 in Indonesia.
�� Under-recoveries on subsidized fuels: BPCL estimates gross under-recoveries to total
INR750bn in FY11 and expects net under-recoveries to be not more than 10%. This
compares with our gross under-recovery estimate of INR756bn for FY11 and net sharing
of 10%
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