Mumbai: Bharat Petro Resources (BPRL), a wholly owned subsidiary of state-run oil marketer Bharat Petroleum Corp Ltd (BPCL), said it expects to drill 16 wells by this fiscal-end and is hopeful of making further discoveries in its blocks in the country, as well as overseas.

"We have taken up drilling of wells in India, Mozambique, Brazil, Australia and Indonesia and consider them to be highly prospective areas. We expect to drill as many as 16 wells by the end of this fiscal and find further discoveries in these blocks," BPRL Chairman R K Singh told reporters here over the weekend.

"Our entry into the upstream exploration and production sector in 2006 was the first step in BPCL's attempt to become an integrated oil company," Singh added.

The company presently has 27 blocks, out of which nine which acquired by the company under different rounds of the New Exploration Licencing Policy (NELP) are located within the country and 18 are abroad, spanning six countries.

With 27 exploration blocks spread over seven countries, the strategy going forward will be to consolidate their position in these blocks and basins, he said.

Efforts will also be made to augment the company's portfolio of acreages, Singh added.

In 2010-11, the company made discoveries in Brazil, Mozambique and Indonesia. It has also discovered natural gas in four of six wells drilled in Mozambique, besides light hydrocarbons in offshore Brazil and oil and gas in Indonesia.

(Agencies)