BPCL strikes oil in Brazil

Oct 28, 2010 12:00 AM

Indian state-owned refiner BPCL announced that it had found crude in a deepwater area off Brazil’s northern coast. BPCL and Videocon Industries along with Brazilian state-owned entity Petrobras own stakes in a block in Sergipe-Alagoas Basin where “large accumulations” of oil were discovered.

Videocon and BPCL subsidiary Bharat PetroResources, through a 50:50 venture, hold 40 % interest in the block, while Petrobras holds the rest. Indian oil companies are looking for assets abroad as demand for fuel increases in the country.

Fuel consumption may climb 5.7 % to 146.08 mm tons during the current fiscal, according to the oil ministry’s Petroleum Planning and Analysis Cell. Oil minister Murli Deora has said that though there has been an increase in the domestic availability of petroleum products, the country is still dependent on imports to the extent of around 80 % of consumption.

There have been 15 new oil discoveries by state-owned and private firms in the country.

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