New Delhi, July 2 (IANS) Government-owned oil major Bharat Petroleum Corporation Ltd (BPCL) announced on Thursday that it has acquired Videocon’s remaining stake in IBV Brasil Petroleo Ltd, increasing its ownership from 65.4 per cent to 100 per cent in the Brazilian upstream company as part of the public sector company’s strategy to expand its presence in the oil and gas exploration and production segment.

The acquisition was completed through BPCL’s upstream subsidiary, Bharat PetroResources Ltd (BPRL), and its step-down subsidiaries. The Brazilian company has now become a wholly owned subsidiary of the BPCL group.

The BPCL said in a statement that its upstream arm, BPRL, exercised its right of first refusal under the shareholders’ agreement to purchase Videocon’s holding. The transaction was completed after obtaining the required regulatory approvals and registrations from authorities in Brazil.

However, the company did not disclose the financial details of the acquisition.

IBV holds participating interests in the BM-SEAL-11 and BM-C-30 oil and gas concessions in Brazil.

The acquisition has the potential to add around 1 million tonnes of oil equivalent (Mtoe) in annual equity production once output commences from the BM-SEAL-11 block, the BPCL statement said.

The company said IBV owns a 40 per cent participating interest in the BM-SEAL-11 concession, while the remaining stake is held by Brazilian oil giant Petrobras. The block is currently under development, and the contract for the floating production storage and offloading (FPSO) unit was signed in May 2026.

BPCL Chairman and Managing Director (CMD) Sanjay Khanna said: “This acquisition marks a significant milestone in our overseas upstream growth journey. By increasing our stake in a strategic developing asset, we are reinforcing our long-term commitment to strengthening our global energy portfolio and contributing to India’s energy security through secure and sustainable access to hydrocarbon resources.”

The acquisition is part of the plan to diversify sources of oil and gas amid uncertainty in global energy markets, which came to the fore during the Middle East conflict that led to crude oil prices soaring past the $100 per barrel mark.

–IANS

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