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India’s BPCL Takes Full Ownership of Brazilian Upstream Venture IBV
The transaction, executed through BPCL’s overseas subsidiary BPRL Ventures BV, increases the company’s holding from 65.4% to 100% and converts IBV into a wholly owned subsidiary of the group. Financial terms were not disclosed, and the deal remains subject to regulatory approval.
IBV holds a 40% participating interest in the BM-SEAL-11 concession, located in the Sergipe-Alagoas Basin and featuring the SEAP I project, with Petrobras operating the asset with the remaining 60% interest. SBM Offshore is developing an FPSO to the project with an installed capacity of 120,000 barrels of oil and 10 million cubic meters of gaseous per day. Production will start in 2031.
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