BPCL to Invest $2.9 Bn in Mozambique and Brazil Exploration

30 Dec 2024 CW Team

Bharat Petroleum Corporation (BPCL) plans to invest around Rs 25,000 crore (approximately $2.9 billion) in exploration and production projects in Mozambique and Brazil over the next three years, as announced by Chairman G Krishnakumar.

BPCL’s Mozambique project, halted in 2021 due to insurgent attacks, is expected to resume in the fourth quarter of this fiscal year. TotalEnergies, the operator, has expressed optimism, with work slated to begin in 2025. The project has significant potential with reserves of 64 trillion cubic feet and a capacity of 13 million tonnes per annum.

BPCL is also expanding its petrochemical business, aiming to increase the sector’s contribution to 15% by 2040. Two new petrochemical projects in Bina and Kochi, with a total investment of Rs 54,000 crore, are part of the expansion.

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