BPCL arm invests $75 mn in Mozambique

Bharat PetroResources (BPRL), an exploration and production subsidiary of Bharat Petroleum Corporation (BPCL), has spent $75 million (around Rs 330 crore) to buy 10 per cent stake in an oil block in Mozambique, same as what Videocon paid.

BPRL, through its subsidiary BPRL Ventures Mozambique BV, has bought the stake from US-based Anadarko Petroleum Corporation, BPCL said in a statement. Videocon Energy Ventures, a subsidiary of the oil-to-consumer durables Videocon group, announced on Wednesday that it too had bought 10 per cent stake in the same exploration block for $75 million.

“The closing of the transaction under the agreement is subject to regulatory approvals of the Mozambique government,” BPCL said in a statement. If approved, BPRL Ventures Mozambique will acquire the stake in the block with effect from May 1, 2008. With this acquisition, BPRL’s interest in exploration blocks will increase to 14 spread across Australia, East Timor, Oman, Mozambique and UK, besides India.

 

BPRL, jointly with Videocon Industries, has entered into an agreement for acquiring stake in 10 offshore blocks in Brazil. “These are in the final stages of receiving approvals from the Brazilian authorities,” the statement said.