Mumbai: State-run Bharat Petroleum Corp. Ltd (BPCL) said it plans to spend up to Rs1,500 crore on exploration, targeting small stakes in development and producing fields, over two-three years.
India’s third largest refiner sees exploration and production as growth drivers and is scouting for assets in West Africa, Brazil, South America and Australia, chairman Ashok Sinha said on Tuesday. BPCL, which has stakes in 14 oil and gas blocks in India and abroad, has set up a wholly-owned subsidiary, Bharat PetroResources, for its exploration drive. “The real constraint is non-availability of gas and therefore exploration for sources of gas...and that’s where the thrust area on exploration came in,” Sinha said.
Sinha said last year that due to BPCL’s lack of exploration experience it preferred to buy small stakes in oil and gas assets.