Firm eyes gain from cheaper US supplies

Expects easier Russian oil supplies in Q1

- Arunima Bharadwaj

STATE-OWNED Bharat Petroleum Corporation (BPCL) expects to resume operations in the long-delayed Mozambique LNG project by July, following the resolution of the force majeure, the company's director (finance) VRK Gupta said on Friday. The development comes as Indian oil and gas companies ramp up their upstream expansion efforts amid rising energy demand.

"In a positive development for BPCL, US Export-Import Bank, which made the largest project financing commitment of $4.7 billion, approved the decision to continue its participation in the Mozambique project. This action is intended to facilitate full restart and force majeure resolution not later than by July," the company said. The project is expected to be completed by July 2028.