NEW DELHI: The government is looking into state-owned Bharat Petroleum Corp Ltd’s (BPCL) investments in a gas block in Mozambique and has not yet formally given its approval to the firm for further spendings, sources said.
Bharat PetroResources Ltd (BPRL), an exploration and production subsidiary of BPCL, had in August 2008 bought a 10 per cent stake in Area-1 Offshore of the Rovuma Block from the US energy major Anadarko Petroleum Corp for $75 million. That same month Videocon through its subsidiary acquired a 10 per cent stake in the same block for an equivalent block.
Sources privy to the development said Anadarko had originally offered a 20 per cent stake in Area-1 to BPCL but the state-owned firm bought only half of it and the rest was picked up by Videocon.
