The capital will cover the company's $2.8-billion share in developing the SEAP-I field, a critical asset for the refiner's international upstream strategy. Bharat PetroResources, a wholly owned subsidiary of BPCL, holds a 40% interest in the project, which is operated by Petrobras. This move follows BPCL’s acquisition of the remaining stake in IBV Brasil Petroleo Ltda, consolidating its control over assets that now represent its largest overseas portfolio.

Production at the site is scheduled to commence in 2030 for oil, with natural gas extraction slated for 2031. To facilitate operations, Petrobras has tapped SBM Offshore to design and manage the floating production, storage, and offloading vessels required for the SEAP-I and SEAP-II developments. By securing this funding, BPCL aims to transition from a domestic refiner into a more resilient global player capable of meeting India’s rising energy demand through direct international equity.