Bharat Petroleum Corporation Limited (BPCL) has announced that the operator of the BM-SEAL-11 consortium, Petrobras, has approved the Final Investment Decision (FID) for the SEAP-I project in Brazil. The decision, taken on April 13, 2026, marks a significant milestone in the development of oil and gas reserves within the BM-SEAL-11 concession.
The SEAP-I project will involve the deployment of a Floating Production Storage and Offloading (FPSO) vessel, designated P-81. The vessel is designed with a production capacity of 120,000 barrels of oil or condensate per day and the capability to process up to 10 million cubic metres of gas daily. The contract for the P-81 FPSO is expected to be signed shortly, subject to necessary approvals.
BPCL participates in the project through its wholly owned subsidiary, Bharat PetroResources Limited (BPRL), and its step-down subsidiaries. These entities collectively hold a 65.40% equity stake in IBV Brasil Petróleo Ltda. (IBV), which in turn owns a 40% participating interest in the BM-SEAL-11 concession. Petrobras holds the remaining 60% stake and serves as the project operator.
The total investment commitment from IBV for the SEAP-I project is estimated at approximately USD 2.8 billion. The development is expected to enhance BPCL’s access to equity oil, thereby contributing to India’s long-term energy security objectives.
The company stated that this development aligns with its strategic focus on strengthening upstream assets and expanding its global energy portfolio.
