Bharat Petroleum Corporation Ltd (BPCL) plans to invest Rs13,000 crore in energy exploration and production in Mozambique and Brazil over the next four years. The planned investment is twice the amount the company has spent in exploration and production activity in the last 10 years and is part of the total capital expenditure of Rs 35,000 crore it has chalked out for the next four years.
Production from BPCL´s Brazilian blocks, which hold primarily crude oil reserves, is expected to begin in fiscal 2018. Exports of liquefied natural gas (LNG) from the Mozambique blocks will start from fiscal 2019.
BPCL, through its wholly owned subsidiary Bharat PetroResources Ltd (BPRL), owns oil and gas assets in Brazil, Mozambique, Indonesia and Australia.