Bharat Petroleum to invest $121 mn to develop Indonesian oil and gas block

economictimes.indiatimes.com:

Bharat Petroleum Corp (BPCL) plans to invest $121 million to develop the Nunukan oil and gas block in Indonesia, the company said in a exchange filing on Wednesday.

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BPCL's exploration unit, Bharat PetroResources, holds a 16.23% stake in the Nunukan block, operated by Indonesia's national oil company, Pertamina.

The Indian refiner is seeking approvals from Indonesian regulators for the block's development.

BPCL, the country's second-largest state refiner, also reported on Wednesday a lower-than-expected 37% jump in its December quarter profit at about 46.5 billion rupees.

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