India’s BPCL to invest US$2.1bn in Mozambique

Bharat-petroleumBPCL owns 10 per cent of shares in Anadarko Petroleum Corporation’s offshore Area 1, where large deposits of natural gas have been discovered recently. (Image source: Nadir Hashmi / Flickr)Indian oil and gas major Bharat Petroleum Corporation Limited (BPCL) will invest US$2.1bn in the exploration and production of energy resources in Mozambique over the next four years

Varadarajan Srinivasan, chairman of BPCL, said that the investment had been planned so that assets in Mozambique can enter the production phase by 2019.

According to BPCL, in 2012 more than 4,200bn cu/m of natural gas reserves were discovered in the Rovuma Basin in Mozambique. Once the production starts at Rovuma Basin, it can make Mozambique one of the largest producers of LNG in the world, it added.

“BPCL is also planning to invest in Brazil. This investment in the two countries (Mozambique and Brazil) is twice the amount BPCL spent in the last 10 years on exploration and production activities globally,” added Varadarajan.

BPCL’s wholly-owned subsidiary Bharat PetroResources Limited (BPRL) owns oil and gas assets in Mozambique, Brazil, Indonesia and Australia.

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