Cabinet approves BPCL’s $1.6 billion investment plan in Brazil

The Cabinet Committee on Economic Affairs has approved an additional investment of $1.6 billion by Bharat Petro Resources Limited (BPRL), a fully owned unit of Bharat Petroleum Corporation Limited, for the development of a Brazilian oil block. BPRL has a 40 per cent participating interest in the Brazilian block – BM-SEAL-11 – which is expected to start production in 2026-27. Petrobras owns the remaining 60 per cent stake in the plant. Indian companies have expressed interest in sourcing more crude oil from Brazil, as the decision to invest more in the Brazilian block will open up business avenues in the neighbouring Latin American countries.