Bharat Petroleum Corporation Limited (BPCL) announced the signing of a significant contract for the construction of a Floating Production Storage and Offloading (FPSO) unit. This contract is for the SEAP-I Project in Brazil, related to the BM-SEAL-11 and BM-SEAL-10 concessions. The FPSO, operated under a Build, Operate and Transfer (BOT) model, will have substantial processing capacity and is expected to enhance energy security for IBV, a BPCL subsidiary, with an estimated investment of approximately USD 2.8 Billion.
Key FPSO Contract Signed for Brazil Project
Bharat Petroleum Corporation Limited (BPCL) has announced the signing of a crucial contract for the construction of a Floating Production Storage and Offloading (FPSO) unit. This development is for the SEAP-I Project, which focuses on the development of oil and gas discoveries in the BM-SEAL-11 and BM-SEAL-10 Concessions located in Brazil. The contract was signed on 29th May 2026 by Petrobras, the operator of the BM-SEAL-11 Consortium.
BPCL’s Stake and Project Structure
BPCL holds a substantial 65.4% stake in IBV Brasil Petroleo LTDA (IBV), a wholly-owned subsidiary through its step-down subsidiaries. IBV, in turn, possesses a 40% participating interest in the BM Seal 11 concession, with Petrobas managing the remaining 60% interest as the operator.
FPSO Capabilities and Investment
The FPSO contract adopts a Build, Operate and Transfer (BOT) model. SBM Offshore will be responsible for the design, construction, and operation of the FPSO for an initial period of 6.5 years, managed via a separate operation and maintenance contract. The unit is engineered to process 120 thousand barrels of oil/condensate per day and 10 million m³ of gas per day. This project is anticipated to grant IBV access to its share of equity oil, thereby bolstering the nation’s energy security. The total investment for IBV in this project is estimated to be around USD 2.8 Billion, pending approval from the Government of India.
Source: BSE
