State-run oil marketer Bharat Petroleum Corporation's (BPCL) wholly-owned subsidiary-Bharat PetroResources (BPRL), is planning to drill 16 wells by the end of this fiscal and is optimistic on further discoveries in its blocks in the country as well as overseas.
The company in total has 27 blocks, out of which nine were acquired by the company in the country under different rounds of new exploration licensing policy (NELP). While 18 of company’s blocks are located abroad, spanning across six countries. The subsidiary so far has taken up drilling of wells in India, Mozambique, Brazil, Australia and Indonesia and considering them to be highly prospective areas. With 27 exploration blocks spread over seven countries, the strategy of the company going forward will be to consolidate its position in these blocks and basins.
Recently, BPRL reported that the Barquentine-3 appraisal well was encountered with more than 202 net meters of natural gas pay in two high-quality Oligocene-aged fan systems. This exploration significantly expands the estimated recoverable resource range to 15 to 30+ trillion cubic feet (Tcf) of natural gas, with an estimated 30 to 501- Tcf of natural gas in place.
