New Delhi : Bharat Petroleum Corporation Limited (BPCL) has taken a key step toward strengthening India’s energy security by signing a Memorandum of Understanding (MoU) with Brazil’s state-owned oil major Petróleo Brasileiro S.A. (Petrobras) for long-term crude oil cooperation.
The MoU was signed during India Energy Week 2026, held in Goa, reinforcing the growing energy partnership between the two national oil companies.
Agreement Details
The MoU was executed by Shri Manoj Heda, Business Head (International Trading & Risk Management) at BPCL, and Ms. Ticiana Jereissati de Araujo, Global Trading Executive Manager at Petrobras.
The signing ceremony took place in the presence of India’s Minister of Petroleum and Natural Gas, Shri Hardeep Singh Puri.
According to BPCL, the agreement aims to strengthen and potentially expand the existing crude oil supply framework, ensuring a reliable, competitive, and long-term flow of crude oil to India.
Strategic Significance for India
The partnership aligns closely with India’s broader energy security strategy:
- Source Diversification: Enhances India’s crude sourcing by deepening ties with a major South American producer.
- Energy Security: Long-term arrangements help reduce exposure to supply disruptions and global spot-market volatility.
- Commercial Stability: Structured contracts can offer more predictable pricing and improved commercial terms.
Company Profiles
Bharat Petroleum Corporation Limited (BPCL) is a Maharatna public sector undertaking and one of India’s leading oil and gas companies, with operations spanning refining, marketing, and fuel distribution across the country.
Petrobras, Brazil’s state-controlled energy giant, is a global leader in deep-water and ultra-deep-water oil exploration and production, with a strong international trading presence.
Official Statement
BPCL said the MoU “reinforces our commitment to diversifying crude sources and ensuring a reliable, competitive, and long-term energy supply for India.”
India Energy Week 2026 Context
India Energy Week is the country’s flagship energy conference and exhibition organized by the Ministry of Petroleum and Natural Gas. The 2026 edition has emerged as a key platform for announcing strategic global energy partnerships, highlighting India’s active role in securing resources to meet its growing energy demand.