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BPCL exploration arm to drill 16 wells this year

Bharat Petroleum Corporation Ltd. | Refineries | Oil & Gas | BSE: 500547 | NSE: BPCL

19 Sep 2011 Evaluate

Bharat PetroResources (BPRL), a wholly-owned subsidiary of state-run oil marketer Bharat Petroleum Corporation (BPCL), expects to drill 16 wells by this fiscal-end and is hopeful of making further discoveries in its blocks in the country, as well as overseas. The company has taken up drilling of wells in India, Mozambique, Brazil, Australia and Indonesia and considers them to be highly prospective areas.The company has 27 blocks, out of which nine which acquired by the company under different rounds of the New Exploration Licencing Policy (NELP) are located within the country and 18 are abroad, spanning six countries. With 27 exploration blocks spread over seven countries, the strategy going forward will be to consolidate their position in these blocks and basins.

Efforts will also be made to augment the company's portfolio of acreages. In 2010-11, the company made discoveries in Brazil, Mozambique and Indonesia. It has also discovered natural gas in four of six wells drilled in Mozambique, besides light hydrocarbons in offshore Brazil and oil and gas in Indonesia. Besides India, BPRL holds blocks in Australia, Brazil, East Timor, Indonesia, Mozambique and Britain. BPRL's total acreage in all these blocks is around 81,000 sq km, of which around 90% are offshore acreages. These blocks are in various stages of exploration. With the seven recent discoveries in Brazil, Mozambique and Indonesia, BPRL is now poised to guarantee returns to its parent BPCL in the short-term, as well as meet its larger goal of ensuring energy security for the country in the long-term. The idea behind the formation of BPRL, which has been participating in bidding in oil and gas blocks under various NELP rounds and overseas, was to insulate BPCL from high oil price volatility and meet as much as 30% of the parent firm's crude requirement from its own E&P business. BPCL and other public sector oil marketing companies like Indian Oil and Hindustan Petroleum have been hit hard by rising crude prices globally, as the country imports over 80% of its oil requirement.

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312.05 4.05 (1.31%)

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BPCL exploration arm to drill 16 wells this year

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