Bharat Petro Resources (BPRL), the exploration and production arm of Bharat Petroleum Corporation (BPCL),

RELATED ARTICLES Oil dips in Asia on eurozone debt woes Gail, OIL among 11 companies bidding for stake in RGTIL Bhel bags Rs 380 cr order for gas-based plant in Rajasthan Oil lower in Asian trade on eurozone worries Oil mixed in Asian trade on eurozone worries

is planning to drill around 20 new wells in its international exploratory blocks in Mozambique, Brazil and Indonesia during 2012-13 at an expenditure of around Rs 1,500 crore.

D Rajkumar, managing director and CEO of BPRL told Financial Chronicle that the company is undertaking rigorous activity in these blocks and has had a great success over the past couple of years.

“We are planning to further drill 10 wells in Mozambique, eight wells in Brazil and two in Indonesia in 2012-13, apart from the discovery made in Mozambique worth 30 to 50 trillion cubic feet of gas, which is the sixth such discovery in Mozambique,” he said.

The company has one block with exploratory area of 10,700 sq km in Mozambique with Anadarko as the operator. Another 10 blocks in Brazil with Petrobras as operator in nine blocks in Anadarko and one block in Indonesia with around 2,000 sq km to explore.

BPRL is dependent on its parent for funding issues and hopes to be able to generate funds from 2013-14 for exploration activities based on total reserves they would have by then. “We have the mandate to spend around Rs 1,000 crore in this financial year and Rs 1,500 crore in the next. The funds would be provided by BPCL from their budget, but we hope to generate part funds from 2013-14 onwards,” Rajkumar said.

BPRL also has nine blocks in India, with ONGC as joint venture partner in seven, Gail in one block and Hindustan Oil Exploration (HOEC) in one block.

On Monday, BPCL said its Barquentine-3 well in Rovuma Basin in Mozambique, where it holds 10 per cent interest “has encountered more than 202 net metres of natural gas pay in two high quality Oligocene-aged fan systems. This well is the six successful well in the complex that includes the Windjammer, Lagosta, Barquentine and Camarao discoveries,.

Anadarko Mocambique Area I Limitada is the operator of the block, while India’s Videocon holds 10 per cent, Cove Energy Mozambique Rovuma offshore holds 8.5 per cent. Another 20 per cent is held by Mitsui E&P Mozambique Area I and the balance 15 per cent is held by Empressa Nacional de Hidrocarbonetos EP, the national oil company of Mozambique.