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Brazilian state-owned energy giant Petrobras has sealed oil sales agreements with Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL).
While confirming the renewal and expansion of its oil sales contracts with IOC, BPCL and HPCL, Petrobras explained that the deals would remain in effect until March 2027. This is said to represent a potential sale of up to 60 million barrels, with a total value that could exceed $3.1 billion.
Cláudio Schlosser , Petrobras’ Director of Logistics, Commercialization and Markets, commented: “The contracts reinforce Petrobras’ presence in the Indian market and contribute to the diversification of our portfolio of oil export clients. We are committed to strengthening strategic partnerships, expanding our global reach and generating value for Brazil.”
With IOC, India’s largest state-owned refiner, the new contract is said to provide for the sale of up to 24 million barrels of Brazilian oil, valid for 12 months, renewable for an equal period. When it comes to BPCL and HPCL, the Brazilian energy giant increased the maximum volume of each contract from 6 million barrels to 18 million barrels.
Petrobras added: “This move reinforces our strategy to diversify markets, expand long-term partnerships and capture opportunities in dynamic regions such as Asia, while maintaining a competitive oil and gas portfolio.
“At the same time that we expand exports, we continue to advance in the just energy transition, combining efficiency in oil production with investments in low-carbon solutions and innovation throughout the energy chain.”
Petrobras is actively working on augmenting its oil and gas reserves, as illustrated by a final investment decision (FID) for a project in Brazil’s Sergipe Alagoas Basin.