State-owned Bharat Petroleum Corporation Ltd (BPCL) has acquired Videocon’s remaining stake in IBV Brasil Petroleo Ltda, taking full ownership of the Brazilian joint venture as it seeks to expand its overseas upstream portfolio and bolster long-term energy supplies. The acquisition was completed through BPCL’s upstream subsidiary, Bharat PetroResources Ltd (BPRL), and its step-down subsidiaries.
Following the transaction, BPRL’s stake in IBV has increased from 65.4 per cent to 100 per cent, making the Brazilian company a wholly owned subsidiary of the group.
In a statement on Thursday, BPCL said 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.
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.
According to BPCL, 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 company said IBV owns a 40 per cent participating interest in the BM-SEAL-11 concession, while the remaining stake is held by Petrobras. The block is currently under development, and the contract for the floating production storage and offloading (FPSO) unit was signed in May 2026.
The acquisition comes at a time when Indian energy companies are continuing to pursue overseas oil and gas assets to diversify supply sources amid uncertainty in global energy markets and geopolitical disruptions.
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.”
(With inputs from agencies)