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

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