According to the company's website press release on September 25, 2022, in a landmark development to diversify crude oil sourcing for the energy security of the country, particularly in the context of current geopolitical situations, BPCL signed an MoU with M/s Petrobras, the national oil company of Brazil.
The signing of the MOU will strengthen future crude oil trade relationships between the two companies and explore potential crude import opportunities by BPCL, on a long-term basis.
The MoU was signed in Brasilia by Shri Arun Kumar Singh, C&MD BPCL, and Shri Caio Paes de Andrade, CEO Petrobras, in presence of Shri Pankaj Jain, Secretary, MoPNG, Indian Ambassador to Brazil, and other officials from MoPNG.
Through its fully-owned subsidiary, Bharat PetroResource Limited, BPCL has a stake in the upstream sector in an ultra-deepwater hydrocarbon block in Brazil, owned and operated by M/s Petrobras. The field development plan and final investment decision are expected to be declared soon.
