Bharat Petroleum Unit to Invest $2.8 Billion To Petrobras Brazil SEAP-I Project

Bharat Petroleum Corp Ltd in a regulatory filing informed that Petrobras, acting as the operator of the BM-SEAL-11 consortium has officially approved the final investment decision for the SEAP-I project in April on April 13.

According to the release, the SEAP-I project encompasses the development of oil and gas discovered within the BM-SEAL-11 concession in Brazil. IBV Brasil Petróleo Ltda holds a 40% participating interest in this offshore concession, while Petrobras retains the remaining 60% participating interest as the operator.

BPCL maintains a 65.4% equity stake in IBV Brasil Petróleo Ltda through its wholly owned subsidiary, Bharat PetroResources Ltd, and its step-down subsidiaries. The regulatory filing noted that IBV Brasil Petróleo Ltda expects its total project investment to reach approximately $2.8 billion.

A floating production storage and offloading vessel, designated as P-81, will serve the SEAP-I project. The corporate filing detailed that the vessel possesses the capacity to produce 120,000 barrels of oil and condensate daily, and process 10 million cubic metres of gas per day.

The company stated that the signing of the P-81 contract marks a key milestone for the development, and executives expect the agreement to conclude shortly, subject to requisite approvals. The project holds the potential to provide direct access to equity oil, which the filing stated will help strengthen the energy security of the country.