Bharat PetroResources Limited (BPRL) was incorporated in October 2006, as a 100% subsidiary of BPCL, to cater to the upstream activities of BPCL. As on 31st March 2019, BPCL’s investment is Rs. 5,000 crores in equity. In addition to this, BPCL has given a loan of Rs. 1,100 crores to BPRL. BPRL has recorded a consolidated income of Rs. 180.63 crores and a consolidated loss of Rs. 95.69 crores for the financial year ending 31st March 2019, as against a consolidated income of Rs. 215.95 crores and consolidated loss of Rs. 68.72 crores in the previous year. BPRL has Participating Interest (PI) in twenty six blocks of which thirteen are located in India and thirteen overseas, along with equity stake in two Russian entities holding the licence to four producing blocks in Russia. Seven of the thirteen blocks in India were acquired under different rounds of New Exploration Licensing Policy (NELP), five blocks were awarded under Discovered Small Fields Bid Round 2016 and 1 block was awarded during the year 2018-19 under the Open Acreage Licensing Policy Bid Round I. Out of thirteen overseas blocks, six are in Brazil, two in United Arab Emirates and one each in Mozambique, Indonesia, Australia, Israel and Timor Leste. The blocks of BPRL are in various stages of exploration, appraisal, pre-development and production phase. The total acreage held by BPRL and its subsidiaries is around 31487 km2 of which approximately 62% is offshore.
BPRL, along with Indian Oil Corporation Limited (IOCL), has been awarded an exploration concession for Onshore Block 1 in Abu Dhabi, after emerging as the winning bidder in the Abu Dhabi 2018 Block Licensing Round. The award has been endorsed by the Supreme Petroleum Council (SPC) on behalf of the Government of the Emirate of Abu Dhabi and represents the continued expansion of BPCL’s upstream exploration operations. The transaction marks entry of BPRL as an Operator of overseas assets for the first time in the highly prospective UAE region and is consistent with its stated strategic objective of balancing its portfolio by adding exploration assets in prolific basins to its existing E&P portfolio. During 2018-19, BPCL Group refineries have lifted 3.4 mmbbl out of BPRL’s share of equity crude oil from the Lower Zakum asset, wherein the consortium of BPRL, ONGC Videsh Ltd. and IOCL has a 10% PI. BPRL and its consortia have a total of 26 exploration discoveries in respect of Blocks held in five countries i.e. Brazil, Mozambique, Indonesia, Australia and India. BPRL also had a successful exploration campaign in its maiden operatorship block located in Cambay basin, with two discoveries approved by Directorate General of Hydrocarbons (DGH). Further, the Field Development Plan (FDP) for the above two discoveries was approved by DGH on 11.06.2018 and currently, pre-development activities are ongoing. The PI in respect of Blocks in India, Israel and Australia are held directly by BPRL. The PI in the Block in Timor Leste is held by BPRL’s wholly owned subsidiary company in India, i.e. Bharat PetroResources JPDA Limited. PI in respect of blocks in Brazil, Mozambique, Indonesia, and UAE and equity stake in the two Russian entities are held through various step down wholly owned subsidiaries/ JVs of the wholly owned subsidiaries located in the Netherlands and Singapore.