The Cabinet Committee on Economic Affairs (CCEA) has approved additional investment of USD 1,600 million (about Rs. 12,000 crore) by Bharat Petroleum Resources Ltd. (BPRL), a wholly owned subsidiary of Bharat Petroleum Corporation Limited (BPCL) for development of BM-SEAL-11 Concession Project in Brazil.
- The start of production from BM-SEAL-11 project is expected from 2026-27.
- BPRL has 40% Participating Interest (PI) in this Concession along with Petrobras, National oil company of Brazil, as the Operator with 60% Participating Interest.
This will help in —
- accessing to equity oil to strengthen India’s energy security.
- diversifying India’s crude oil supply and Indian oil companies have expressed interest in sourcing more crude oil from Brazil.
- Strengthening India’s foothold in Brazil, which will further open business avenues in neighbouring Latin American countries.
- Further strengthening the bilateral ties between the countries.