BPCL Partners with Petrobras for Major Offshore Project in Brazil
Petrobras clears offshore project with BPCL in Brazil
The Economic TimesImage: The Economic Times
Bharat Petroleum Corporation Limited (BPCL) announced that Petrobras has approved the Final Investment Decision for the SEAP-I project in Brazil, with BPCL investing approximately $2.8 billion. The project aims to enhance India's energy security by diversifying oil supply sources.
- 01BPCL's investment in the SEAP-I project is around $2.8 billion.
- 02Petrobras holds a 60% stake in the BM-SEAL-11 consortium, while IBV Brasil Petroleo Ltda. holds 40%.
- 03The Floating Production Storage and Offloading (FPSO) vessel will have a production capacity of 120,000 barrels per day.
- 04The SEAP-I project aims to strengthen India's energy security by diversifying oil supply sources.
- 05BPCL's shares fell 0.73% on the Bombay Stock Exchange following the announcement.
Advertisement
In-Article Ad
Bharat Petroleum Corporation Limited (BPCL) has announced that Petrobras, the operator of the BM-SEAL-11 consortium, approved the Final Investment Decision (FID) for the SEAP-I project in Brazil on April 13, 2026. BPCL will invest approximately $2.8 billion in the project, which is designed to enhance India's energy security by diversifying its oil supply sources. Petrobras holds a 60% participating interest in the consortium, while IBV Brasil Petroleo Ltda., in which BPCL has an indirect stake through its subsidiary Bharat PetroResources Ltd., owns the remaining 40%. The project will utilize a Floating Production Storage and Offloading (FPSO) vessel, P-81, with a planned 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 contract for the FPSO is expected to be signed soon, pending regulatory approvals. Following the announcement, BPCL's shares closed at โน308, reflecting a decline of 0.73% on the Bombay Stock Exchange.
Advertisement
In-Article Ad
The SEAP-I project will enhance India's energy security by providing access to additional oil supplies, which could stabilize prices and reduce reliance on foreign imports.
Advertisement
In-Article Ad
Reader Poll
Do you think India should invest more in overseas oil projects?
Connecting to poll...
More about Bharat Petroleum Corporation Limited

Haryana Government Seeks โน100 Crore CSR Funding to Enhance Healthcare Infrastructure
Hindustan Times โข Apr 13, 2026

India Increases 5-kg LPG Supply and Expands Piped Natural Gas Amid West Asia Crisis
Business Standard โข Apr 12, 2026

India Increases Export Duties on Diesel and Aviation Turbine Fuel
Hindustan Times โข Apr 12, 2026
Read the original article
Visit the source for the complete story.



