BPCL To Invest Rs 25,000 Crore In Global Energy Projects, Including Key Venture In Mozambique

State-run Bharat Petroleum Corp Ltd (BPCL) is set to invest Rs 25,000 crore (approximately $2.9 billion) for its exploration and production projects in Mozambique and Brazil over the coming three years, according to its chairman and managing director, G Krishnakumar.`112w

The Mozambique project of BPCL was halted in March 2021 after TotalEnergies SE, the operator, invoked force majeure due to Islamic State-linked insurgents attacks on civilians in Mozambique's northern Cabo Delgado province where the liquified natural gas (LNG) project is being built.

The Mozambique LNG project is operated by TotalEnergies, holding a 26.5 per cent stake.

Other participants include ENH Rovuma Area Um, SA (15 per cent), Mitsui E&P Mozambique Area1 (20 per cent), ONGC Videsh (10 per cent), Beas Rovuma Energy Mozambique (10 per cent), BPRL Ventures Mozambique BV (10 per cent), and PTTEP Mozambique Area 1 (8.5 per cent).

He added that BPCL is hopeful of starting work on the project in 2025.

The Mozambique project boasts reserves totaling 64 trillion cubic feet (TCF) and a production capacity of 13 million tonnes per annum (mtpa). BPCL has already invested approximately $2 billion in the venture.

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