SBM Offshore gets order to build oil, gas unit for BPCL JV's block in Brazil
This story was originally published at 09:01 IST on 2 June 2026
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--BPCL arm to invest $2.8 bln to build oil facility in Brazil
NEW DELHI – Bharat Petroleum Corp. Ltd. Monday said Brazil's state-run oil company Petrobas has given a contract to SBM Offshore to build floating production and offloading unit as part of the SEAP-I project. BPCL had announced earlier its joint venture in Brazil IBV Brasil Petroleo LTDA will invest $2.8 billion for the oil unit.
The SEAP-I project involves development of oil and gas discovered in the BM-SEAL-11 and BM-SEAL-10 blocks in Brazil. Petrobas operates the BM-SEAL-11 block, in which IBV Brasil Petroleo LTDA holds a 40% stake. BPCL, through subsidiaries, holds over 65% stake IBV Brasil.
The oil unit in Brazil will have an installed capacity to process 120,000 barrel of oil or condensate per day and 10 million cubic metres of gas per day, BPCL said in an exchange filing. The SBM Offshore will design, build, and operate the oil unit for 6.5 years. SBM Offshore had Friday said it planned to deliver the oil unit by 2030.
For the March quarter, BPCL had reported net profit of INR 31.91 billion on revenues of INR 1.35 trillion. Monday, shares ended slightly lower at INR 296.85 on the National Stock Exchange. End
US$1 = INR 94.99
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Anshul Choudhary
Edited by Akul Nishant Akhoury
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