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BPCL Signs an Agreement with Petrobras

Published on September 25, 2022
Current Context: Bharat Petroleum Corporation Limited (BPCL) signed a Memorandum of Understanding (MoU) with Brazilian oil firm Petrobras.
BPCL Signs an Agreement with Petrobras
  • The primary objective behind the agreement is to diversify crude oil sourcing for energy security in India.
  • With an aim to procure equity oil overseas, Bharat Petro Resources Ltd. (BPRL) will invest USD 1.6 billion to develop the oil block in Brazil. The production from this block is expected from 2026-27.
  • In order to strengthen ties with Brazil in the energy sector, the Cabinet Committee on Economic Affairs (CCEA) approved an additional investment of USD 1.6 billion (Rs. 12,000 crores) by BPRL for the development of the BM-SEAL-11 Concession Project in Brazil.
  • BPRL will have 40% participating interest (PI) in this concession and Petrobras, as the operator will have 60% PI.
  • BPCL is a government-owned oil and gas explorer and producer and was established in 1952 with its headquarters in Mumbai, Maharashtra. The current Chairperson and MD are Arun Kumar Singh.
  • BPRL is a subsidiary of BPCL and was founded in 2006 with the objective of carrying out exploration and production activities at a faster pace. The current Director of BPRL is K Padmakar.
  • Petróleo Brasileiro S.A. or Petrobras is a Brazilian multinational petroleum industry and was established in 1953 with its headquarters in Rio de Janeiro. The current CEO of the company is Caio Mário Paes de Andrade.

Question:

Q.1 Recently BPCL signed an agreement with Petrobras, which is the petroleum industry of?
a. Belgium
b. Brazil
c. Germany
d. France
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