Bharat Petroleum to invest USD 121 million in Nunukan block development

Bharat Petroleum Corporation Limited (BPCL) has announced that its Board of Directors has approved the submission of a development plan for the Nunukan block to the Indonesian Regulator. The plan focuses on the development of oil and gas reserves in the block, with an estimated investment of USD 121 million upon regulatory approval and fulfillment of various conditions.

Bharat PetroResources Limited (BPRL), a 100% subsidiary of BPCL, holds a 16.23% Participating Interest in the Nunukan block through its step-down wholly-owned subsidiary, BPRL Ventures Indonesia BV (BVIBV). The block’s operator is Pertamina Hulu Energi Nunukan Inc. (PHENC), a subsidiary of Pertamina, Indonesia’s National Oil Company.

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BPCL’s commitment to expanding its international footprint reflects its strategic growth initiatives in the global oil and gas sector.