BPCL updates on Offshore Area 1, Rovuma Basin, Mozambique Block

Considering the evolution of the security situation in the north of the Cabo Delgado province in Mozambique, the Area 1 Operator, Total E&P Mozambique Area 1 Limitada, informed the withdrawal of all Mozambique LNG project personnel from the Afungi site. This situation leads Total E&P Mozambique Area 1 Limitada, as operator of Mozambique LNG project, to declare force majeure.

BPRL Ventures Mozambique B.V., an overseas subsidiary of Bharat PetroResources Ltd (BPRL) which is wholly owned subsidiary of BPCL, holds 10% Participating Interest (PI) in the Area 1 concession. Total E&P Mozambique Area 1 Limitada, a wholly owned subsidiary of Total SE, operates Mozambique LNG with a 26.5% participating interest along side ENH Rovuma Área Um, S.A. (15%), Mitsui E&P Mozambique Area1 Limited (20%), ONGC Videsh Rovuma Limited (10%), Beas Rovuma Energy Mozambique Limited (10%) and PTTEP Mozambique Area 1 Limited (8.5%).

Shares of BHARAT PETROLEUM CORPORATION LTD. was last trading in BSE at Rs.418.65 as compared to the previous close of Rs. 423.15. The total number of shares traded during the day was 447145 in over 7337 trades.

The stock hit an intraday high of Rs. 428.15 and intraday low of 417.65. The net turnover during the day was Rs. 188161141.

Source : Equity Bulls

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