Bharat Petroleum to buy North Sea interests

Shirish Nadkarni
OGJ Correspondent

MUMBAI, Dec. 22 -- Indian state refiner Bharat Petroleum Corp. Ltd. (BPCL) agreed to acquire 25% interests in Blocks 48-1B and 48-2C in the UK North Sea's Southern Gas basin.

BPCL is paying $12.2 million to join a consortium led by Encore Oil PLC, London. Recently, BPCL formed an upstream subsidiary, Bharat Petro Resources, which has committed to spend $133 million on four blocks in India and two abroad.


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