BPCL and Videocon Industries Discovered Fourth Huge Natural Gas Reserve in Mozambique Block

Bharat Petroleum Corp Ltd (BPCL) and Videocon Industries on 22 April 2013 declared that they discovered the fourth huge natural gas reserve in the offshore Mozambique block in Africa. It is the same block where the two companies hold 10 percent share each.

The discovery of this natural gas reserve is said to be very important because it would help the private sector consumer durables in getting higher stake than earlier.

The two companies announced that Videocon Hydrocarbon Holdings (subsidiary of Videocon Industries) and Bharat PetroResources Ltd (a BPCL unit) made the discovery in offshore Area 1 of the Rovuma basin.

ONGC Videsh Ltd which is the international-level arm of ONGC with Oil India Ltd (OIL) was negotiating for the stake of Videocon in this block.

Anadarko Petroleum Corp, the US energy firm is the operator of this block with 36.5 percent stake in block. Mitsui & Co Ltd of Japan is the second-biggest stakeholder in this block that holds 20 percent stake.

The companies announced that drilling took place in the Orca-1 exploration well, which was digged in till 16391 feet approximately and in water depths of 3481 feet.