BPRL was incorporated in the year 2006 as a wholly owned Subsidiary Company of BPCL with the objective of implementing BPCL’s plans in the upstream exploration and production sector.
As on 31st March, 2016, BPRL has an authorized share capital of ` 3,000 crore and paid up share capital of 2,920 crore which is entirely held by BPCL, the Holding Company. BPRL has incurred a consolidated loss of 248.31 crore for the Financial Year ending 31st March, 2016. The consolidated loss was due to relinquishment of participating interest (PI) in few blocks, as prospectively assessed based on drilling results in these blocks was very poor.
The operations of BPRL are carried out through Subsidiaries and Joint Ventures, both incorporated and unincorporated, in India and abroad. BPRL currently has PI in seventeen blocks spread across six countries. Out of these blocks, seven blocks are located in India, which were acquired under different rounds of New Exploration Licensing Policy (NELP) and ten blocks are located overseas. Most of the blocks are in advanced stages of exploration, appraisal and pre-development. The total area of these seventeen blocks is around 24,375 sq km, of which approximately 88% is offshore acreage.
BPRL has a wholly owned Subsidiary Company, BPRL International BV, in the Netherlands which, in turn, has three wholly owned Subsidiary Companies viz., BPRL Ventures BV, BPRL Ventures Mozambique BV, and BPRL Ventures Indonesia BV. BPRL Ventures BV has a 50% stake in IBV Brasil Petroleo Limitada, which currently holds PI ranging from 20% to 40% in six blocks in offshore Brazil. BPRL Ventures Mozambique BV has PI of 10% in a block in Mozambique, and BPRL Ventures Indonesia BV holds PI of 12.5% in a block in Indonesia. Further, BPRL has a wholly owned Subsidiary Company, Bharat PetroResources JPDA Limited in India which holds a PI of 20% in Block-JPDA 06-103, in Timor Leste. The PIs in blocks in Brazil, Mozambique, Indonesia and Timor Leste are held through these Subsidiaries. Further, the PI in respect of blocks in India and Australia are held by BPRL along with other consortium members.
BPRL and its consortia have a total of 22 discoveries in respect of blocks held in five countries i.e. Brazil, Mozambique, Indonesia, Australia and India.
Recently, as concrete steps towards fulfillment of its aspiration for revenue generation, BPRL has signed definitive agreements to acquire stakes in Companies in Russia which have oil & gas producing assets in their portfolio. Subsequently, in May, 2016, BPRL has formed another wholly owned Subsidiary Company i.e. BPRL International Singapore Pte Ltd in Singapore for enabling the acquisition of stakes in the Companies in Russia. Further, BPRL International Singapore Pte Ltd has formed two Joint Venture Companies as Special Purpose Vehicles (SPV) i.e. Taas India Pte Ltd and Vankor India Pte Ltd in May, 2016 along with Oil India Ltd and Indian Oil Corporation Ltd with BPRL International Singapore Pte Ltd holding 33% stake in each of the two SPVs to hold stakes in the Companies in Russia.