NWE Norwest Energy Nl

Anadarko Petroleum Corp.'s (APC) recent Windjammer gas find off the coast of Mozambique may contain multiple trillions of cubic feet of natural gas, a minority Indian partner in the field said Friday.

Bharat PetroResources Ltd., a unit of India's state-run Bharat Petroleum Corp. (500547.BY), described Windjammer as a "very large" discovery. When asked to estimate its potential size, Bharat PetroResources Managing Director D. Rajkumar said: "It will be some TCFs".

The deep water field is still in the early stages of exploration, with the discovery well yet to be tested, he said. However, the company has a long-term plan to "get first gas out of Mozambique by 2016-17," Rajkumar told reporters at an official signing ceremony for the company's latest Australian exploration deal.

In March, Anadarko said it had intersected more than 555 feet of total net gas pay in Windjammer, located about 30 miles east of the Mozambique coastline in 4,800 feet of water.

Bharat PetroResources owns 11.75% of Windjammer, while Anadarko is the operator with 43%.

Commenting on the Wahoo deep water oil discovery offshore Brazil, estimated by operator Anadarko to have a gross resource potential of more than 300 million barrels of oil, Rajkumar said the partners were hoping to start production by 2014 or 2015.

Bharat PetroResources owns 25% of Wahoo.

In total, Bharat PetroResources plans to spend US$1 billion to US$1.5 billion in the next two or three years on its oil and gas activities.

This will include funds to "monetise" its discoveries, exploration of other blocks worldwide and a "war chest" for new opportunities, such as shale gas, Rajkumar said.

Bharat PetroResources agreed in August to buy a stake in two oil and gas exploration prospects of Australia's Norwest Energy NL (NWE.AU) for around A$15 million.

A small oil target is due to be drilled early next year while a second permit, with potential for shale gas, is due to be drilled by operator Norwest later in 2011.

"What we are really keen on is the shale gas, particularly in Australia," said S. Radhakrishnan, chairman of Bharat Petroleum Corp.

"At the same time, get into the industry, do a little bit of learning in terms of marketing and technology, and then India is opening up for shale gas," he said. "And that will help us to be one of the leaders in that particular space when it happens."

The Indian government is due to establish a policy on developing potential shale gas deposits next year, he said.

Radhakrishnan said the Indian company is interested in doing more technology-driven deals with Australian companies on shale gas.

There are no plans for Bharat PetroResources to export gas from the Perth Basin prospects to India, but the Indian parent company last year signed a contract to buy gas from Chevron Corp.'s (CVX) Gorgon liquefied natural gas venture, Radhakrishnan noted.

-By Stephen Bell, contributing to Dow Jones Newswires; 61-8-9244-4243; sgbell@bigpond.com

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