Bharat Petroleum Corporation Ltd (BPCL), through its exploratory arm, Bharat PetroResources Ltd (BPRL), has got a footing in Indonesia for oil and gas exploration.
The company has bought out 12.5 per cent from Anadarko Indonesia, a wholly-owned subsidiary of Anadarko Petroleum Corporation of the US. Videocon will hold 12.5 per cent in the venture as well.
BPRL's commitment is estimated at $11.25 million for drilling a commitment well in the block in 2010.
Eventually, BPRL Ventures Indonesia (BPRL arm) and Videocon Indonesia Nunukan are expected to jointly account for 25 per cent in the four-way alliance which will include Anadarko’s 35 per cent while Medco, an Indonesian upstream company, will hold 40 per cent.
The companies will work jointly on the Nunukan block in offshore Indonesia.
Source : ProjectsToday
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