BPCL to Sign $780 Million Crude Deal with Petrobras at India Energy Week 2026
NEW DELHI / GOA – Bharat Petroleum Corporation Limited (BPCL) is set to formalize a major long-term crude oil supply agreement with Brazil’s national oil company, Petrobras, during the upcoming India Energy Week (IEW) 2026. Valued at approximately $780 million (₹6,450–₹6,550 crore), the deal is a cornerstone of India’s strategy to diversify its energy basket and reduce reliance on Russian oil.
The agreement, scheduled to be signed between January 27 and 30 in Goa, will see BPCL double its intake of Brazilian crude to 12 million barrels for the financial year 2026–27.
Diversifying Beyond Russian Crude
Following the geopolitical shifts of the past two years, Indian refiners are recalibrating their sourcing. As discounts on Russian Urals narrow and sanctions tighten, state-run oil marketing companies (OMCs) are looking toward the Western Hemisphere.
- Supply Volume: 12 million barrels (Doubled from 6 million barrels in FY26).
- Strategic Partners: Increased focus on Brazil, Guyana, and the US.
- Economic Impact: Helps stabilize domestic fuel prices by securing reliable, long-term term contracts rather than relying solely on the volatile spot market.
Strengthening Global Energy Footprint
The agreement between Bharat PetroResources (BPRL)—BPCL’s upstream arm—and Shell is particularly significant. It signals India's intent to move from being just a buyer to an active owner of global energy assets.
By partnering with Shell, BPCL aims to acquire stakes in producing blocks worldwide, providing a natural hedge against global price fluctuations.
India Energy Week 2026 Highlights
- Venue: ONGC Advanced Training Institute, Goa.
- Scale: Over 75,000 delegates and 600+ exhibitors from 120 countries.
- Key Focus: Energy security, decarbonization, and "Practical Energy Transition" pathways.