BPCL to raise $3 billion via bond sale for Brazil oil project
Bharat Petroleum Corporation Limited is preparing an international bond sale to raise as much as $3 billion, with the largest share of proceeds supporting its $2.8 billion contribution to Brazil's SEAP-I offshore development project. BPCL approved the project's final investment decision earlier this year and plans to raise the money in several tranches. The remainder of the bond proceeds will be used to refinance debt maturing next year. India's second-biggest state-owned refiner held investor roadshows in London, Dubai, and Singapore last month to gauge demand for the offering.
The SEAP-I project, operated by Brazil's state-controlled Petrobras, will have the capacity to produce 120,000 barrels of oil daily and process 10 million cubic meters of natural gas when fully operational, with oil production targeted for 2030. BPCL unit Bharat PetroResources Ltd. owns a 40% stake in the BM-SEAL-11 area, which includes SEAP-I. India's crude imports from Brazil have more than doubled from 2025 levels so far this year, making Brazil the country's fifth-biggest supplier.
The Brazil investment underscores India's accelerating push for overseas energy supplies as wars in the Middle East and between Russia and Ukraine disrupt traditional sources. State-run companies including BPCL and Oil and Natural Gas Corp. are preparing to boost investments abroad as India, which imports almost 90% of its crude and about half its natural gas, seeks to diversify supply. South America is emerging as a key destination, with global energy companies viewing the resource-rich region as less geopolitically turbulent than the Middle East.
