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India Allows Bharat PetroResources To Invest Extra $1.6 Billion In Brazil Oil Project

BPRL, the exploration arm of state-run Bharat Petroleum Corp, holds 40% stake in BM-SEAL-11 project, while the remainder is held by Brazil's national oil company Petrobras.
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By Reuters

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Published on July 30, 2022

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    India's cabinet has approved an additional investment of $1.6 bln by Bharat PetroResource's Ltd (BPRL) in an oil project in Brazil, a government statement said on Wednesday.

    BPRL, the exploration arm of state-run Bharat Petroleum Corp, holds 40% stake in BM-SEAL-11 project, while the remainder is held by Brazil's national oil company Petrobras.

    Oil production from the block is expected from 2026/27, the statement said.
     

    # Crude oil# Auto Industry
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