BPCL to sign $780 million deal to source crude from Brazil’s Petrobras

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said that global energy markets are undergoing a change emphasising that India has diversified its crude sourcing to navigate through the global turmoil.

• BPCL to sign $780 million deal for 12 million barrels of Brazilian crude oil
• BPCL subsidiary to collaborate with Shell for global farm-in opportunities
• NRL, TotalEnergies to launch 200 KTPA Sustainable Aviation Fuel project in Odisha

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State-run oil marketing company Bharat Petroleum Corp Ltd will sign a term contract to source 12 million barrels of crude oil from Brazil's Petrobras, the union ministry for petroleum and natural gas said on Friday.

The deal worth $780 million will be signed at the upcoming India Energy Week 2026. The move comes amid US sanctions on Russian oil and its recent intervention in Venezuela.

Along with this, BPCL’s wholly owned subsidiary Bharat PetroResources will also sign a Memorandum of Understanding (MoU) with Shell to acquire stakes in oil and gas companies worldwide.

Union minister for petroleum and natural gas Hardeep Singh Puri said that global energy markets are undergoing a change, emphasising that India has diversified its crude sourcing to navigate through the global turmoil.

“Global energy markets are undergoing a change. Global energy markets are stable, despite those changes. We are all in this together, consumers and producers. I think it's very important that we all put our heads together and with a sense of purpose navigate this forward,” Puri said at the curtain raiser event for India Energy Week.

During the India Energy Week, state-run upstream company Oil India, Numaligarh Refinery (NRL), and TotalEnergies will also sign an MoU for collaboration in evaluating liquefied natural gas (LNG) market sourcing potential for future requirements of the companies.

Separately, NRL and TotalEnergies are also expected to ink a deal for collaboration in setting up of a 200 KTPA (kilo tonnes per annum) of Sustainable Aviation Fuel project (SAF) at Paradip, Odisha.

With the increasing geopolitical uncertainties and sanctions on purchases of Russian oil, Indian refiners are evaluating their crude import strategies and diversifying their sourcing.

As per Kpler, India could resume large-scale purchases of Venezuelan crude if US sanctions are lifted, potentially importing about 100,000-150,000 barrels a day.