Bharat PetroResources JV announces Increase in Recoverable Natural Gas Resources in Mozambique

Bharat PetroResources Limited (BPRL), a wholly owned subsidiary of Bharat Petroleum Corporation Ltd has announced that Anadarko Mocambique Area 1 Limitada, the operator of the blcok in Rovuma Basin, Area I, Offshore Mozambique have announced that the appraisal and exploration activities carried out in the block increased the estimated recoverable Natural Gas Resources in the block range to a range of 45 to 70 plus trillion cubic feet (Tcf), up from the previous range of 35 to 65 plus Tcf. The consortium's 2014 program in Mozambique is focused on advancing the development towards first LNG cargo in 2018.

The consortium members in the block are Anadarko Mocambique Area 1 Limitada (26.5%), BPRL Ventures Mozambique B.V. (10%), Beas Rovuma Energy Mozambique Limited (10%), ONGC Videsh Limited (10%), Cove Energy Mozambique Rovuma Offshore Ltd (8.5%) and Mitsui E&P Mozambique Area 1, Limited (20%). The balance 15% participating interest is with Empressa Nacional de Hidrocarbonetos E.P (ENH) the national oil company of Mozambique, who are carried through the exploration phase.

Shares of BHARAT PETROLEUM CORPORATION LTD. was last trading in BSE at Rs.413.2 as compared to the previous close of Rs. 415.55. The total number of shares traded during the day was 34135 in over 1069 trades.

The stock hit an intraday high of Rs. 414.2 and intraday low of 409.35. The net turnover during the day was Rs. 14081341.

Source : Equity Bulls

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