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

BPCL plans to invest $121 million in Indonesia’s Nunukan oil and gas block, with a 16.23% stake held by its exploration unit Bharat PetroResources. The company seeks Indonesian regulatory approvals for this development. BPCL reported a 37% jump in Q3 profit but faced lower marketing margins and LPG sales losses, with the government expected to support LPG under-recovery.

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