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Business Economy


CCEA approves additional investment by BPRL for development of BM-SEAL-11 project in Brazil

New Delhi, July 27 (UNI) The Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi has approved additional investment of about Rs 12,000 crore by Bharat PetroResources Ltd (BPRL) for development of BM-SEAL-11 Concession Project in Brazil.
BPRL is a wholly owned subsidiary of Bharat Petroleum Corporation Limited (BPCL).

The CCEA has also approved an increase in the limit of equity investment by BPCL in BPRL and authorised share capital of the company from Rs 15,000 crore to Rs 20,000 crore (to be subscribed by BPCL from time to time), an official statement said on Wednesday.

It has also approved to authorise increase in the limit of equity investment by BPRL International BV in International BV Brasil Petroleo Limitada, through intermediate WOS, to Rs 15,000 crore from the current limit of Rs 5,000 crore.

The start of production from the BM-SEAL-11 project is expected from 2026-27.

The decision will help in accessing equity oil to strengthen India’s energy security, diversifying India’s crude oil supply and Indian oil companies have expressed interest in sourcing more crude oil from Brazil.

It will strengthen India’s foothold in Brazil, which will further open business avenues in neighbouring Latin American countries, the statement said.

BPRL has 40% participating interest (PI) in this concession along with Petrobras, National oil company of Brazil, as the Operator with 60% participating interest.
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