BPCL JV to invest $2.8 billion in Brazil oil and gas project after Petrobras clears final plan

Bharat Petroleum Corporation Limited (BPCL) on Thursday said its joint venture in Brazil will invest around $2.8 billion in an oil and gas project following the operator’s final investment decision.The company informed exchanges that Petrobras, the operator of the BM-SEAL-11 consortium, has approved the Final Investment Decision (FID) for the SEAP-I project. The project involves developing oil and gas discoveries in the BM-SEAL-11 concession in Brazil.

BPCL, through its wholly owned subsidiary Bharat PetroResources Ltd. (BPRL) and its step-down subsidiaries, holds a 65.40% equity stake in IBV Brasil Petróleo Ltda. (IBV). IBV, in turn, has a 40% participating interest in the BM-SEAL-11 concession, while Petrobras holds the remaining 60% as the operator.
As part of the development plan, a Floating Production Storage and Offloading (FPSO) vessel, designated P-81, is proposed for deployment. The vessel will have a production capacity of 120,000 barrels of oil or condensate per day and a gas processing capacity of 10 million cubic metres per day. The FPSO contract is expected to be signed shortly, subject to necessary approvals.The project is expected to enhance access to equity oil and strengthen India’s energy security, aligning with BPCL’s upstream investment strategy.

Shares of BPCL declined 0.72% to ₹308.20 on the NSE, with an indicative close of ₹307.75.