BPCL to Sign $780 Million Crude Oil Deal with Brazil’s Petrobras at India Energy Week 2026
New Delhi: India’s state-owned oil marketing major Bharat Petroleum Corporation Limited (BPCL) is set to enter into a long-term crude oil supply agreement with Brazil’s national oil company Petrobras, valued at USD 780 million (₹6,450–₹6,550 crore) , as part of its strategy to diversify crude sourcing and reduce dependence on Russian oil.
Under the agreement, BPCL will purchase 12 million barrels of crude oil during FY 2026–27, which is double the volume contracted for the current fiscal year. The deal is expected to be formally signed next week during India Energy Week (IEW) 2026, scheduled to be held from January 27 to 30.
India Diversifies Crude Imports
Indian refiners have been actively reworking their import strategies amid changing global supply dynamics. With reduced availability of discounted Russian crude, public sector refiners like BPCL are increasing procurement from South America, the Middle East, and Africa to ensure supply security and price stability.
The upcoming BPCL–Petrobras agreement reflects India’s broader effort to strengthen energy partnerships with emerging crude suppliers while maintaining long-term supply reliability.
Multiple Energy MoUs Expected at IEW 2026
India Energy Week 2026 is also expected to witness several other key energy-related agreements:
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Numaligarh Refinery Limited (NRL) is set to sign an initial agreement with France’s TotalEnergies for setting up a 200 KTPA Sustainable Aviation Fuel (SAF) project at Paradip, Odisha, supporting India’s clean aviation goals.
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NRL and Oil India Limited (OIL) will jointly enter into a preliminary arrangement with TotalEnergies to explore liquefied natural gas (LNG) sourcing for future requirements.
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Bharat PetroResources Limited, BPCL’s upstream subsidiary, is expected to sign a cooperation agreement with Shell to evaluate global oil and gas acquisition opportunities, strengthening India’s overseas energy footprint.
Strengthening Energy Security
These agreements underline India’s push to enhance energy security, supply diversification, and clean fuel development, while leveraging international partnerships. India Energy Week 2026 is emerging as a major platform for translating policy intent into concrete global energy collaborations.