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

Malaysia Oil and Gas Projects Advance with Petronas' PSC and Farm-Out Deals

Vantage Drilling’s Ultra-Deepwater Drillship Heads to India Under $260M Contract

Conrad, Empyrean Agree Settlement Framework Over Duyung PSC Interests

Australia and Timor-Leste Push to Advance Greater Sunrise Gas Field

JERA Lifts First LNG Cargo From Barossa Gas Project in Australia

Inpex Moves to Accelerate Indonesia’s Abadi LNG Project

Seadrill Firms Up Offshore Drilling Workload with Multi-Region Contract Awards

ADNOC Gas Signs $3B LNG Supply Deal with India’s HPCL

India Seeks $30B from Reliance, BP Over Gas Shortfall at Offshore Fields

PTTEP Orders OneSubsea Systems for Two Deepwater Projects off Malaysia

Current News

Malaysia Offers Nine Exploration Blocks in 2026 Bid Round

Seatrium Unit Launches Arbitration Against Petrobras over FPSO Contract

Transocean-Valaris Tie-Up to Create $17B Offshore Drilling Major with 73 Rigs

Malaysia Oil and Gas Projects Advance with Petronas' PSC and Farm-Out Deals

Vantage Drilling’s Ultra-Deepwater Drillship Heads to India Under $260M Contract

EnQuest Secures Extension for Vietnam's Offshore Block

Japan's Mitsui in Advanced Talks for Stake in Qatar’s North Field LNG Project

Japan’s JERA Agrees Long-Term LNG Supply from Middle East

QatarEnergy, Petronas Ink 20-Year LNG Supply Agreement

Eni Enlists Shearwater for 3D Seismic Survey in Timor Sea

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