BPCL acquires Videocon's Brazil oil and gas stake, takes full ownership of JV

New Delhi: State-owned Bharat Petroleum Corp Ltd (BPCL) has acquired Videocon's remaining stake in Brazilian joint venture IBV Brasil Petróleo Ltda, taking full ownership of the company as it seeks to expand its overseas upstream portfolio and strengthen long-term energy supplies.

The acquisition, completed through BPCL's upstream arm Bharat PetroResources Ltd (BPRL) and its step-down subsidiaries, increases BPRL's stake in IBV to 100 percent from 65.4 percent, making the Brazilian company its wholly-owned subsidiary, the company said in a statement.

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BPCL said BPRL had exercised its Right of First Refusal under the shareholders' agreement to acquire Videocon's stake. The transaction was completed after securing regulatory approvals and registrations from Brazilian authorities.

It did not disclose financial details of the deal.

IBV holds participating interests in Brazil's BM-SEAL-11 and BM-C-30 oil and gas concessions. BPCL said the acquisition could add around 1 million tonnes of oil equivalent (MTOE) of annual equity production once output begins from the BM-SEAL-11 block.

IBV holds a 40 percent participating interest in the BM-SEAL-11 concession, with the remaining stake held by Petrobras. The project is currently under development, and the contract for the Floating Production Storage and Offloading (FPSO) unit was executed in May 2026.

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The acquisition comes as Indian state-run energy companies continue to pursue overseas oil and gas assets to diversify supply sources amid heightened geopolitical uncertainty and volatility in global energy markets.

"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," BPCL Chairman and Managing Director Sanjay Khanna said.

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