Petrobras Signs Oil Deals with BPCL, OVL, Oil India

New Delhi, Feb 12 (PTI) Brazilian oil major PetrAleo Brasileiro S.A. (Petrobras) signed an agreement to sell crude oil to Bharat Petroleum Corporation Ltd (BPCL) and pacts to cooperate in exploring oil and gas with ONGC Videsh Ltd and Oil India Ltd.

The deals were signed on the sidelines of the India Energy Week here, the companies said.

ONGC Videsh, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), signed a non-binding memorandum of understanding (MoU) with Petrobras for assessing opportunities in the areas of upstream, marketing, decarbonization, and low-carbon solutions.

"The agreement is aligned with Petrobras' strategy to develop partnerships that allow for the sharing of risks and expertise, seeking to strengthen the company as an integrated energy enterprise and contributing to the success of a fair and responsible energy transition," OVL said in a statement.

With BPCL, Petrobras signed a strategic term contract for the supply of Brazilian crude oil grades.

The agreement was signed by BPCL executive director (international trade and risk management) Manoj Heda and Petrobras Director Claudio Romeo Schlosser in presence of BPCL Chairman and Managing Director G Krishnakumar and Petrobras CEO Magda Chambriard.

"This significant development marks a major milestone in the ongoing efforts to diversify India's crude oil sources and strengthen energy cooperation with Brazil. The contract, initially valid for one year with an option to extend for another year, will ensure a stable and reliable supply of crude oil to BPCL's refineries, reinforcing the long-standing partnership between the two companies," BPCL said in a statement without giving volumes contracted.

Sources said BPCL has an option to take 6 million barrels of oil in a year.

Krishnakumar said this agreement with Petrobras marks a significant step in BPCL's strategy to secure stable, competitive and diversified crude supplies. "Strengthening our crude sourcing from Brazil aligns with our long-term vision of enhancing energy security for India. Our partnership with Petrobras also reflects our commitment to deepening global collaborations and adapting to the evolving dynamics of the energy sector."

The agreement underscores BPCL's proactive approach to navigating the complex global energy landscape, ensuring the competitiveness of its crude sourcing.

"With this agreement, BPCL reinforces its commitment to ensuring energy security for India, while Petrobras strengthens its position as a reliable supplier of crude oil to the Indian market," it said.

BPCL is India's second-largest state-owned oil refining and marketing company. It has refineries at Mumbai, Kochi and Bina and have a combined capacity to refine around 35.3 million tonnes per annum (706,000 barrels per day) of crude oil into fuels like petrol and diesel.

Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has chalked out the plan to offer electric vehicle charging stations at around 7,000 fuel stations over next 5 years.

State-owned Oil India Limited (OIL) signed an MoU with Petrobras, Brazil's state-controlled oil major, to collaborate in the exploration and production of hydrocarbon resources in India's offshore regions.

The MoU was signed during India Energy Week (IEW) 2025 by Ranjit Rath, Chairman and Managing Director, Oil India Limited, and Magda Chambriard, CEO of Petrobras.

This strategic partnership marks a significant milestone in fostering bilateral energy cooperation between India and Brazil, it said.

"Under this collaboration, OIL and Petrobras will jointly explore opportunities in India's deep and ultra-deep offshore regions, including the Mahanadi, Andaman, and other sedimentary basins. The partnership aligns with Government of India's policy initiatives aimed at accelerating hydrocarbon exploration under the Hydrocarbon Exploration and Licensing Policy (HELP) and the Open Acreage Licensing Policy (OALP).