(ET)
Bharat Petro Resources Limited (BPRL), a wholly owned subsidiary of BPCL, has started supply of crude oil to BPCL Kochi Refinery. BPRL has been set up with an aim in providing partial supply security of crude and hedging of price risks.
The supply of 7 lakh barrels of Das blend crude oil from Das Island operated by Abu Dhabi National Oil Company (Adnoc) marks the first direct sale of BPRLs share of equity oil to its parent company, BPCL. BPRL along with ONGC Videsh and Indian Oil Corporation Limited acting jointly as the Indian Consortium have been awarded 10% Stake in Lower Zakum Concession, offshore Abu Dhabi. The Concession has a term of 40 years effective from March 9, 2018. During July 2018, approximately 1 million barrels of BPRL’s share of equity crude oil from the Lower Zakum Concession was lifted by Bharat Oman Refineries Ltd.
