Bharat Petroleum Corporation (BPCL) has signed a Memorandum of Understanding (MoU) with Petrobras, the national oil company of Brazil.
The MoU was signed by Arun Kumar Singh, Chairman & Managing Director, BPCL and CaioPaes de Andrade, CEO Petrobras, in presence of Pankaj Jain, Secretary, MoPNG, Indian Ambassador to Brazil and other officials from MoPNG, in Brazil.
The signing of the MoU will strengthen future crude oil trade relations between the two companies and explore potential crude import opportunities by BPCL, on a long term basis, especially considering the current geopolitical situations.
Bharat PetroResources (BPRL) plans to invest $1.6 billion to develop an oil block in Brazil in an attempt to procure equity oil overseas. Through its fully owned subsidiary, Bharat PetroResources, BPCL has a stake in the upstream sector in an ultra-deep water hydrocarbon block in Brazil, owned and operated by Petrobras. The field development plan and final investment decision is expected to be declared soon.
