BPCL Plans to Drill Nine Wells in Brazil

Bharat Petroleum Corporation (BPCL) plans to drill around nine wells in its upstream discoveries in Brazil in line with its Mozambique discovery, Deccan Chronicle reported. The state owned firm has four blocks in Brazil and has made few oil and gas discoveries recently.

The company plans to invest significant capital in next four to five years in exploration business, in its portfolio of 28 blocks across India, Africa, Brazil, Indonesia, Australia and the UK.

“Production from the Brazilian wells is expected to start in shorter duration in around two years time“ a company official told the newspaper. Petrobras, which operates the Brazilian blocks, has discovered huge reserves in blocks such as Espirito Santos and Sergipe Alagos over the last one and a half years.

The official also said company’s future strategy would be to exit the profitable blocks to expand its portfolio with bigger reserves and in different geographies. “However, the intent would be to grow our business as core sector players, where we will look to be major operators and not just stake holders. In the next four to five years E&P will change the complex and structure of BPCL“ the company official said.