Mumbai, April 22 -- Bharat Petroleum Corporation Limited (BPCL) said that Petrobras approved the final investment decision for the SEAP-I project in the BM-SEAL-11 block off Brazil on April 13, 2026. BPCL participates through its subsidiary Bharat PetroResources Limited via IBV Brasil Petróleo Ltd, in which the group holds a 65.40 per cent equity stake. IBV Brasil owns 40 per cent of the concession while Petrobras retains a 60 per cent interest as operator. The decision follows a company disclosure filed with regulators and is part of planned international expansion.
The SEAP-I development will be supported by a Floating Production Storage and Offloading (FPSO) vessel designated P-81. The vessel is designed to produce 120 thousand barrels of oil or condensate per day and to process 10 mn cubic metres of gas daily. The FPSO contract is expected to be signed soon, subject to necessary approvals. Project execution will be coordinated with consortium partners and scheduled to align with regulatory milestones and supply chain arrangements.
IBV's total investment in the project is estimated at approximately United States dollar (USD) two point eight billion. The capital commitment reflects BPCL's intent to scale its upstream portfolio and to participate in large global energy developments. The project is expected to contribute meaningfully to long-term production capacity once operational. The partners will progress engineering work and procurement while meeting safety and environmental standards.
Company disclosures indicated that access to equity oil from the development could strengthen India's energy security by reducing reliance on external crude purchases. The move complements BPCL's broader strategy of expanding its international footprint through upstream investments and joint ventures. With the SEAP-I investment decision in place BPCL is reinforcing its global upstream presence while aligning long-term growth with energy security priorities. Management noted that returns will be assessed over the long term and integrated into broader capital allocation plans.
Published by HT Digital Content Services with permission from Construction World.