The Union Cabinet on Wednesday gave approval to state-owned Bharat Petroleum Corporation Ltd (BPCL) to invest an additional USD 1.6 billion in a Brazilian oil block.
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has approved additional investment by Bharat PetroResources Ltd (BPRL), a wholly-owned subsidiary of BPCL, for the development of the BM-SEAL-11 Concession Project in Brazil, an official statement said.
The block is to start production from 2026-27.
BPRL has a 40 per cent stake in the block. Brazil’s national oil company Petrobras is the operator with 60 per cent interest.
