BPCL's IBV unit in $2.8 Bn Brazil FPSO project for BM-SEAL-11

Bharat Petroleum Corporation Ltd. (BPCL) announced that Petrobras, operator of the BM-SEAL-11 Consortium, signed a contract with SBM Offshore for a Floating Production Storage and Offloading (FPSO) unit for the SEAP-I Project in Brazil. BPCL, through its wholly owned subsidiary BPRL and its step-down subsidiaries, holds a 65.4% stake in IBV Brasil Petroleo LTDA (IBV), which in turn holds a 40% participating interest in the BM Seal 11 concession. The FPSO contract is structured under a Build, Operate and Transfer (BOT) model, with SBM Offshore designing, building, and operating the unit for an initial 6.5 years. The FPSO will have an installed capacity to process 120 thousand barrels of oil/condensate per day and 10 million m³ of gas per day. IBV's total investment in the project is expected to be approximately USD 2.8 billion, subject to Government of India approvals, and aims to strengthen India's energy security.