Bharat Petroleum Corporation Limited (BPCL), a Maharatna PSU under MoPNG, completed the acquisition of a participating interest in IBV Brazil Petroleo Limitada — which holds stakes in the deepwater BM-Seal-11 concession in Brazil. The acquisition was completed through the Corporate Insolvency Resolution Process (CIRP) of VOVL Limited, with GoI approval and pending final Brazilian regulatory registration. The BM-SEAL-11 block is expected to add approximately 1 million tonnes of oil equivalent (MTOE) to BPCL's annual equity oil production once operational.
Economy
BPCL Acquires Stake in Brazil's Deepwater BM-SEAL-11 Oil Block Via CIRP; To Add ~1 MTOE Annual Equity Oil
Key Points
- Bharat Petroleum Corporation Limited (BPCL), a Maharatna PSU under MoPNG, completed the acquisition of a participating interest in IBV Brazil Petroleo Limitada — which holds stakes in the deepwater BM-Seal-11 concession in Brazil
- The acquisition was completed through the Corporate Insolvency Resolution Process (CIRP) of VOVL Limited, with GoI approval and pending final Brazilian regulatory registration
- The BM-SEAL-11 block is expected to add approximately 1 million tonnes of oil equivalent (MTOE) to BPCL's annual equity oil production once operational
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• BPCL: BM-SEAL-11 deepwater oil block, Brazil — via CIRP of VOVL Ltd; ~1 MTOE annual equity oil • BPCL: Maharatna PSU under MoPNG; CMD: G. Krishnakumar; HQ Mumbai; est. 1952 • India: world's 3rd largest crude oil importer; equity oil strategy: ONGC Videsh, BPCL, IndianOil • Brazil: major oil producer (pre-salt fields); PETROBRAS: Brazil's national oil company
