Petrobras Signed Strategic Term Contracts with BPCL, OVL and Oil India

SEATTLE (Oil Monster): Petrobras, the state-owned Brazilian leader in petroleum and gas industry, stated that it has inked strategic term deals with Oil India, ONGC Videsh (OVL), and Bharat Petroleum Corporation (BPCL). The agreements were signed in New Delhi, India, during India Energy Week.

The agreement with BPCL is for the supply of several Brazilian crude oil grades. The agreement, which has a one-year initial term, will assist the nation in diversifying its sources of crude oil. The pact allowed BPCL to buy as much as six million barrels of crude oil annually.

G Krishnakumar, the chairman of BPCL, said the agreement will assist the company in obtaining competitive and reliable crude supplies.

Exploring new oil and gas potential is the goal of the agreements with Oil India and OVL. The non-binding memorandum of understanding (MOU) between Petrobras and OVL aims to evaluate prospects in marketing, upstream, decarbonization, and low-carbon solutions.

The goal of the MOU between Petrobras and Oil India is to work together and investigate prospects for hydrocarbon development in the nation's offshore areas. The deal complies with the nation's Open Acreage Licensing Policy and Hydrocarbon Exploration and Licensing Policy.