• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy
• Books
• Gallery

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai, Nov. 23

Bharat Petroleum Corporation’s overseas exploration and production business has received a shot-in-the-arm with a substantial discovery of oil in Brazil.

A BPCL communication to the stock exchanges says that the discovery was made during drilling of the Wahoo-2 (also called Wahoo North) appraisal-cum-exploration well in the offshore Campos Basin. The well encountered more than 90 feet of high quality net oil pay.

The operator on this block (BM-C-30) is Anadarko Petroleum Corporation, which holds a 30 per cent stake. IBV Brazil Petroleo, a joint venture between Bharat PetroResources (BPCL’s overseas arm) and Videocon Industries, holds 25 per cent as does Devon Energy Corporation of the US. The balance 20 per cent is held by SK Energy of South Korea.

Wahoo 2, according to BPCL, is located 8 km north of the original Wahoo discovery well which encountered over 195-feet of net oil pay.

According to Anadarko, Wahoo North has confirmed all its objectives and the results thus far reflect “high quality resources and reservoir rock”. The communication adds that the “activities so far have confirmed that the main pay section in the original Wahoo discovery extends at least five miles to the north, and the hydrocarbon accumulation has been extended further down the structure”.

Bharat PetroResources and Videocon, along with Anadarko, have been working jointly on exploration blocks in Brazil for a while now. Less than two months ago, they announced their intent to work in Indonesia too.

BPCL has earmarked nearly Rs 1,000 crore this fiscal for its upstream activity which is focused on geographies beyond India. The company believes that this is key to becoming an integrated energy entity in the coming years.

More Stories on : Overseas Investments | Petroleum | Bharat Petroleum Corporation Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2009, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line