Key Details

  • Signing Date: 29th May 2026
  • Parties Involved: Petrobras (Operator of BM-SEAL-11 Consortium) signed contract with SBM Offshore on behalf of the Consortium
  • Project: SEAP-I Project encompassing development of oil & gas discovered in BM-SEAL-11 and BM-SEAL-10 Concessions in Brazil

Ownership Structure

  • BPCL holds 65.4% stake in IBV Brasil Petroleo LTDA (IBV) through its wholly owned subsidiary BPRL and step-down subsidiaries
  • IBV holds 40% participating interest in BM-SEAL-11 concession
  • Petrobras acts as operator and holds remaining 60% participating interest

Contract Specifications

  • Contract Type: Build, Operate and Transfer (BOT) model
  • Contractor: SBM Offshore will design, build and undertake operation of FPSO
  • Initial Operation Period: 6.5 years through separate operation and maintenance contract
  • FPSO Capacity: 120 thousand barrels of oil/condensate per day and 10 million m³ of gas per day

Financial and Strategic Impact

  • Total Investment: ~USD 2.8 billion for IBV's share
  • Approval Status: Subject to Government of India approvals
  • Strategic Purpose: Project has potential to provide access to equity oil to IBV for its share, helping strengthen India's energy security