In a strategic push to strengthen India’s energy security, Bharat Petroleum Corporation Limited (BPCL) is set to invest $2.8 billion in a major offshore oil and gas project in Brazil, following the approval of the final investment decision by Petrobras.

The investment will be made through IBV Brasil Petróleo Ltda, a joint venture in which BPCL holds an indirect majority stake. The project, known as Sergipe Águas Profundas (SEAP-I), is located in the BM-SEAL-11 concession and involves the development of significant offshore hydrocarbon discoveries.

Under the consortium structure, Petrobras will operate the project with a 60% stake, while IBV holds the remaining 40% participating interest. The approval of the FID marks the transition of the project from planning to execution, paving the way for large-scale capital deployment and development activities.

A key component of the project is the deployment of a high-capacity Floating Production Storage and Offloading (FPSO) vessel, expected to produce up to 120,000 barrels of oil or condensate per day and process around 10 million cubic metres of gas daily.

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The investment is expected to significantly enhance India’s access to equity oil, helping diversify crude sourcing and reduce dependence on traditional suppliers amid ongoing geopolitical uncertainties. It also marks a major milestone in BPCL’s strategy to expand its upstream international portfolio and secure long-term energy assets.

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