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BPCL, Videocon team up for Indonesia oil foray

08 Sep 2009 Evaluate

Bharat Petroleum Corporation, through its exploratory arm, Bharat PetroResources (BPRL), has got a foothold in Indonesia for oil and gas exploration. The company has bought out 12.5 per cent from Anadarko Indonesia, a wholly-owned subsidiary of Anadarko Petroleum Corporation of the US.

 

Videocon, promoted by the Dhoots, will hold 12.5 per cent in the venture. BPRL’s commitment is estimated at $11.25 million for drilling a commitment well in the block next year. Eventually, BPRL Ventures Indonesia (the arm of BPRL) and Videocon Indonesia Nunukan will jointly account for 25 per cent in the four-way alliance which will include Anadarko’s 35 per cent (down from 60 per cent after divesting its stakes to BPRL and Videocon) while Medco, an Indonesian upstream company, will hold 40 per cent.

 

The companies will work jointly on the Nunukan block in offshore Indonesia. The trio of BPCL, Videocon and Anadarko is also working on upstream ventures in Mozambique and Brazil.crackcrack

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