Petróleo Brasileiro SA stated Wednesday it has renewed contracts to provide crude oil to 3 of India’s foremost refiners.
“The crude oil gross sales contracts with Indian Oil Corp Ltd (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) will stay in pressure till March 2027”, the Brazilian state-owned firm stated in a web-based assertion.
“The business devices symbolize potential gross sales of as much as 60 million barrels, with a complete worth that would exceed $3.1 billion.
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“With IOC, India’s largest state-owned refiner, the brand new contract gives for the sale of as much as 24 million barrels of Brazilian crude oil, with a 12-month time period, renewable for an equal interval.
“With BPCL and HPCL, Petrobras expanded the utmost quantity of every contract from six million barrels to 18 million barrels, additionally operating by March 2027”.
Petrobras famous, “India, one of many world’s largest crude oil importers, purchases round 5 million barrels per day and is a strategic marketplace for Petrobras”.
Petrobras director for logistics, advertising and marketing and markets Cláudio Schlosser stated, “The contracts strengthen Petrobras’ presence within the Indian market and contribute to diversifying our crude oil export buyer base. We’re dedicated to strengthening strategic partnerships, increasing our international footprint and producing worth for Brazil”.
The brand new contracts with the state-owned refiners had been signed on the India Vitality Week within the Indian metropolis of Goa.
Elevated Reserves
Individually on Wednesday Petrobras stated it had elevated its confirmed reserves of oil, pure gasoline and condensate to 12.1 billion barrels of oil equal (Bboe) as of the top of 2025. The corporate stated it had added 1.7 Bboe of reserves final 12 months.
“The reserve alternative fee was 175 %, even after a file annual manufacturing in 2025. The proved reserves-to-production ratio is 12.5 years”, Petrobras stated in a press launch.
“The reserves addition occurred primarily because of the excellent efficiency of the property, with emphasis on Búzios, Tupi, Itapu and Mero fields in Santos Basin, to the progress within the growth of Budião, Budião Noroeste and Budião Sudeste fields within the deep waters of Sergipe-Alagoas Basin, and to new wells primarily in Búzios, Tupi, Marlim Sul and Jubarte fields in Santos and Campos basins.
“There have been no related modifications associated to the variation within the oil worth, highlighting the resilience of our initiatives”.
Petrobras’ manufacturing grew 11 % year-on-year to 2.99 million barrels of oil equal a day final 12 months. Oil manufacturing averaged 2.4 million barrels per day, additionally up 11 % from 2024, the corporate reported January 16, 2026.
Early in 2026 Petrobras and its companions put onstream Búzios’ seventh manufacturing platform, elevating the offshore subject’s capability to about 1.15 million barrels of oil per day.
The most recent growth, Buzios6, is designed to provide as much as 180,000 barrels of oil per day and seven.2 million cubic meters (254.27 million cubic ft) of gasoline per day by the P-78 floating manufacturing, storage and offloading (FPSO) vessel, in accordance with Petrobras. Buzios7 is the sixth growth within the subject to enter manufacturing, within the first quarter of 2024.
“Moreover, this venture [Buzios6] will permit for the export of gasoline to the mainland by way of interconnection with the ROTA 3 gasoline pipeline, increasing Brazil’s gasoline provide by as much as three million m3 per day”, Petrobras, which operates the sector with an 88.99 % stake, stated in a web-based assertion January 2, 2026.
Petrobras president Magda Chambriard stated then, “We plan to provide 2.5 million barrels of oil per day all through this 12 months, and far of it should come from Búzios, the nation’s largest subject by way of reserves and manufacturing”.
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