State-owned Bharat Petroleum Corporation (BPCL) and private sector Videocon Industries made a significant crude oil discovery off the Brazil’s northeast coast.
The well was drilled to appraise the ‘Farfan’ discovery made in August 2013. Brazilian state-run oil company Petrobras, which is the operator of the block, expects to start producing oil in the area in 2018.
BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.