The Cabinet Committee on Economic Affairs (CCEA) has approved additional investment of USD 1,600 million (about Rs. 12,000 crore) by Bharat Petro Resources Ltd. (BPRL), a wholly owned subsidiary of Bharat Petroleum Corporation Limited (BPCL) for development of BM-SEAL-11 Concession Project in Brazil.
About:
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.
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