News Highlights
In a boost to overseas oil exploration, the Cabinet approves additional investment by Bharat PetroResources Ltd. for the development of the BM-SEAL-11 Project in Brazil. The start of production from the BM-SEAL-11 project is expected in 2026-27.
Significance of BM-SEAL-11 Project
- Access to equity oil to strengthen India’s energy security.
- Diversifying India’s crude oil supply and Indian oil companies have expressed interest in sourcing more crude oil from Brazil.
- It is strengthening India’s foothold in Brazil, further opening business avenues in neighbouring Latin American countries—further strengthening the bilateral ties between the countries.
Brazil
- Brazil is a country in South America that occupies half the continent’s landmass.
- Capital: Brasilia
- Bordering Countries
- North: French Guiana, Suriname, Guyana, and Venezuela
- North-west: Colombia
- West: Peru, Bolivia and Paraguay
- South-west: Argentina
- South: Uruguay
Pic Courtesy: Freepik
Source: PIB