Petrobras clears offshore project with BPCL in Brazil
State-run BPCL announced that the SEAP-I project in Brazil, operated by Petrobras, has received Final Investment Decision. BPCL, through its subsidiary IBV, holds a 40% stake and will invest approximately $2.8 billion. The project, utilizing the F...
The project, located in the BM-SEAL-11 concession, will be developed by a consortium led by Petrobras, which holds a 60% participating interest and serves as operator.
IBV Brasil Petroleo Ltda. (IBV), in which Bharat Petroleum Corporation Limited (BPCL) has an indirect stake through its subsidiary Bharat PetroResources Ltd., holds the remaining 40% interest.
SEAP-I has planned capacity of 120,000 barrels of oil per day and 10 mscmd of gas BPCL, through its subsidiary structure, has a 65.40% equity stake in IBV. BPCL's total investment in the project will be around $2.8 billion.
The SEAP-I project will be supported by a Floating Production Storage and Offloading (FPSO) vessel, P-81, which is planned to have a production capacity of 120,000 barrels of oil or condensate per day and gas processing capacity of 10 million cubic metres per day.
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The contract for the FPSO is expected to be signed shortly, subject to regulatory approvals.
The development is expected to provide BPCL access to equity oil, strengthening India's energy security by diversifying supply sources and reducing dependence on imports, it said.
BPCL's scrip ended at ₹308, down 0.73% on the BSE, Thursday.
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