India's BPCL Signs MoU with Petrobras to Diversify Oil Sourcing

Nidhi Verma
Monday, September 26, 2022

India's state-run Bharat Petroleum Corp said it had signed a preliminary agreement with Brazil's national oil company Petrobras PETR4.SA to help it diversify its crude oil sourcing.

Indian state refiners rarely buy Brazilian oil. The Memorandum of Understanding (MoU) was signed by BPCL Chairman Arun Kumar Singh and Petrobras CEO Caio Paes de Andrade, BPCL said in a statement on Saturday.

The MoU will help the company to explore sourcing of crude oil through long term contracts "especially considering the current geopolitical situations," it added.

India recently allowed BPCL to invest $1.6 billion for developing an ultra-deep water hydrocarbon block in Brazil. The block is majority owned and operated by Petrobras.

Singh said: "Strengthening India's foothold in Brazil will further open business avenues in neighboring Latin American countries."

BPCL said the field development plan and final investment decision for the BM-SEAL-11 block is expected to be declared soon. Oil production from the block is expected from 2026/27.

BPCL is the second largest fuel retailer in India and operates three refineries in the country with a combined capacity of 706,000 barrels per day (bpd).

(Reuters - Reporting by Nidhi Verma; editing by Clelia Oziel)

Categories: Energy Industry News Activity Production South America Asia

Related Stories

Sunda Energy Applies for Exploration Permit Offshore New Zealand

Unity Enters Asia-Pacific Market with Malaysia P&A Work

Eni Enlists OneSubsea for Deepwater Umbilical Supply off Indonesia

Eni and Petronas JV Extend Ventura Offshore’s Drilling Job in Indonesia

Oil Surges 3% on Renewed US-Iran Strikes

Saipem Lands $2B FPSO Deal for Offshore Gas Field in Indonesia

Saudi Arabia Eyes Oil Pipeline Expansion to Red Sea

MODEC Advances Construction of Brazil-Bound Gato do Mato FPSO

Markets: Oil Majors Reload Exploration Hoppers Across Sub-Saharan Africa

BP Launches Gas Production at Azerbaijan’s Giant ACG Field

Current News

Oil Rises 2% as Middle East Hostilities Escalate

Sunda Energy Applies for Exploration Permit Offshore New Zealand

Unity Enters Asia-Pacific Market with Malaysia P&A Work

Oil Surges to Four-Week High as US-Iran Trade Blows

Velesto Terminates NAGA 3 Jack-Up Rig Sale to Indonesian Firm

Noble Gets $136M Brunei Drillship Job

James Fisher, Aquaterra Launch Global Decommissioning Partnership

Tetragon Energy Advances Oil and Gas Exploration Activities off Philippines

Arabian Drilling Set to Resume Ops with Three Offshore Rigs

Oil Jumps 3% on Renewed US-Iran Conflict

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com