Bharat Petroleum Corporation Limited (BPCL) is in focus after the BM-SEAL-11 consortium in Brazil approved the Final Investment Decision (FID) for the SEAP-1 oil and gas project, marking a key milestone in the development of the offshore block.
The approval was granted on April 13, 2026, by Petrobras, the operator of the consortium. The project involves the development of oil and gas discoveries in the BM-SEAL-11 concession in Brazil, BPCL said in an exchange filing.
BPCL, through its wholly owned subsidiary Bharat PetroResources Ltd. (BPRL) and step-down subsidiaries, holds an effective 26.40% participating interest in the block, while Petrobras holds a 60% operating stake.
As part of the project, a Floating Production Storage and Offloading (FPSO) vessel (P-81) will be deployed, with a capacity to produce 120,000 barrels of oil per day and process 10 million cubic metres of gas per day. The signing of the FPSO contract is expected shortly, subject to approvals.
The company noted that the project is expected to provide access to equity oil, thereby strengthening India’s energy security. The total investment by IBV Brasil Petróleo Ltd. (IBV), where BPCL holds a stake, is estimated at around $2.8 billion.
The development marks a significant step in BPCL’s strategy to expand its global upstream portfolio, particularly in high-potential offshore assets.
Meanwhile, shares of BPCL were trading at ₹308.50, down 0.63%, as of 3 pm today.