WEB DESK
The Cabinet Committee on Economic Affairs has approved an additional investment of about twelve thousand crore rupees by Bharat Petro Resources Limited (BPRL) for the development of BM-SEAL-11 Concession Project in Brazil. BPRL is a wholly owned subsidiary of Bharat Petroleum Corporation Limited. The start of production from BM-SEAL-11 project is expected from 2026-27.
The CCEA has also approved to increase the limit of equity investment by BPCL in BPRL and Authorised Share Capital of the Company from 15 thousand crores to 20 thousand crore rupees. This will help in accessing equity oil to strengthen India’s energy security. BPRL has been associated with the exploration and development of this project in Brazil since 2008.