India's Bharat Petroleum Corp (BPCL) plans to invest $121 million to develop the Nunukan oil and gas block in Indonesia, the company said in a exchange filing. BPCL's exploration unit, Bharat PetroResources, holds a 16.23% stake in the Nunukan block, operated by Indonesia's national oil company, Pertamina. 

The Indian refiner is seeking approvals from Indonesian regulators for the block's development. 

BPCL, the country's second-largest state refiner, also reported on Wednesday a lower-than-expected 37% jump in its December quarter profit at about 46.5 billion rupees.