India makes million dollar investment in Brazil

India has approved an investment of 1,600 million dollars in an oil project in Brazil.

The decision was taken by the Cabinet Committee for Economic Affairs of India, chaired by Prime Minister Shri Narendra Modi, which decided on additional investment of about Rs 12,000 crores by Bharat PetroResources Ltd. (BPRL), a wholly-owned subsidiary. exclusively from Bharat Petroleum Corporation Limited (BPCL), for the development of the BM-SEAL-11 concession project in Brazil.

The Committee also decided to approve the increase in the capital investment limit of BPCL in BPRL and the company’s authorized share capital, while also authorizing the increase in the capital investment limit of BPRL International BV by about Rs 10,000 crore. (more than 1 billion dollars).

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The start of production of the BM-SEAL-11 project is expected from 2026-27.

This will help access oil equities to bolster India’s energy security, diversify India’s crude supply, bolster India’s position in Brazil, and further strengthen bilateral ties between the countries.

Indian oil companies have expressed an interest in sourcing more crude from Brazil, which they also hope will serve as a basis for opening more business avenues in neighboring Latin American countries.

BPRL has a 40% interest in this concession along with Petrobras, Brazil’s national oil company, as operator with a 60% interest. BPRL has been associated with the exploration and development of this project in Brazil since 2008.