Bharat Petro Resources to Drill 16 Oil Wells by FY 2012

Bharat Petro Resources (BPRL), a wholly-owned subsidiary of Bharat Petroleum Corporation Limited (BPCL), plans to drill 16 oil wells by the end of the current fiscal year (2011-12). The company, led by Chairman R K Singh, has already made discoveries in Brazil, Indonesia, and Mozambique in the previous fiscal year. BPRL is now expanding its exploration activities domestically, with a focus on nine blocks within India and three blocks abroad that have been short-listed for the New Exploration Licensing Policy (NELP) -IX round.

Key Takeaways:

• BPRL plans to drill 16 oil wells by the end of the current fiscal year (2011-12)
• The company has made discoveries in Brazil, Indonesia, and Mozambique in the previous fiscal year
• BPRL has 27 blocks, with nine located within India and 18 located abroad in six other countries
• The company is progressing on the exploration phase in domestic blocks
• BPRL has partnered with other oil firms to bid for blocks offered under the NELP -IX round
• The company has been short-listed for three blocks under the NELP -IX round
• R K Singh, Chairman of BPRL, expects the company to drill as many as 16 wells by the end of the fiscal and find further discoveries in these blocks

Statistics:

• Number of oil wells BPRL plans to drill by FY 2012: 16
• Number of blocks BPRL has within India: 9
• Number of blocks BPRL has abroad: 18
• Number of countries where BPRL has blocks: 6
• Number of blocks BPRL has been short-listed for under the NELP -IX round: 3

Sources:

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