CCEA approves additional investment by Bharat PetroResources Ltd in Brazil

The Cabinet Committee on Economic Affairs has approved additional investment of upto USD 1,600 million (about Rs. 12,000 crore) by Bharat PetroResources Ltd.(BPRL), a wholly owned subsidiary of Bharat Petroleum Corporation Limited (BPCL) for development of BM-SEAL-11 Concession Project in Brazil.

BPRL has been associated with exploration and development of the BM-SEAL-11 project in Brazil and has made cumulative investment of USD 976.11 million in Brazilian assets till 31st March 2022. The Participating Interest (PI) is currently held by Petrobras, National Oil Company of Brazil (Operator) and IBV Brazil., a joint venture company of BPRL.

Petrobras, as Operator of the BM-SEAL-11 Concession submitted the Declaration of Commerciality (DOC) and the Discovery Assessment Plans for Cavala (Farfan) and Agulhinha (Barra) discoveries in the BM-SEAL-11 Concession to the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

The start of production from BM-SEAL-11 project is expected from the year 2026-27. The project has the potential to provide access to good quality equity oil which will help in strengthening the energy security of the country.

Shares of Bharat Petroleum Corporation Limited was last trading in BSE at Rs. 324.60 as compared to the previous close of Rs. 318.55. The total number of shares traded during the day was 335114 in over 5457 trades.

The stock hit an intraday high of Rs. 325.05 and intraday low of 316.50. The net turnover during the day was Rs. 108043263.00.

Source : Equity Bulls

Keywords

BharatPetroleumCorporation INE029A01011 BPCL BharatPetroResources AdditionalInvestment Brazil