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Mumbai Feb. 5 Bharat Petroleum Corporation Ltd has signed a farm-in agreement for acquiring 20 per cent participating interest in an Australian block AC/P32 in the Timor Sea area, according to a BSE notice.

A company official said BPCL would be paying $1.42 million in a fortnight for acquiring the interest in the block.

The agreement was signed on February 1.

After farm-in, the participating interest of consortium partners shall be: Coogee Resources Ltd, who is the operator of the block, 24.64 per cent, Westranch Holdings, a fully owned subsidiary of Norwest Energy NL 24.08 per cent, Adelphi Energy 18.48 per cent and Bounty Oil and Gas 12.8 per cent, the notice said.

At present, the consortium is in the fourth year of operation, with the exploration licence being for six years.

More Stories on : Overseas Investments | Petroleum | Bharat Petroleum Corporation Ltd

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