BPCL unit’s $1.6-billion investment in Brazilian oil block okayed

The Cabinet has approved an additional investment of $1.6 billion by Bharat Petro Resources Ltd NSE -0.38 % (BPRL), a fully-owned unit of state-run BPCL NSE 0.75 %, for the development of a Brazilian oil block.

BPRL has a 40% participating interest in the Brazilian block- BM-SEAL-11 – which is expected to start production in 2026-27. With 60% participating interest, Petrobras, the national oil company of Brazil, is the operator of the block.