Brazil’s Petrobras Signs Agreements with Indian State Energy Firms

Brazil’s state-owned energy giant Petrobras has recently solidified its partnerships with India’s state energy firms through the signing of two memoranda of understanding (MOUs) and one framework agreement. These agreements, aimed at fostering cooperation in various areas related to the oil and gas segment, were inked during India Energy Week.

Collaboration with Oil India

On February 11, 2025, Petrobras signed an MOU with Oil India, a state-owned company operating in the exploration and production (E&P) sector. The agreement entails joint efforts in India’s offshore area and the identification of future collaboration opportunities.

Partnership with Oil & Natural Gas Corporation (ONGC)

The following day, Petrobras’ CEO, Magda Chambriard, signed an MOU with Oil & Natural Gas Corporation (ONGC). The agreement focuses on expanding mutual opportunities in exploration and production, oil and gas marketing, decarbonization, low-carbon solutions, as well as the development of biofuels and new energies.

Framework Agreement with Bharat Petroleum Corporation Limited (BPCL)

Additionally, Petrobras sealed a framework oil export contract with Bharat Petroleum Corporation Limited (BPCL) on February 12. The contract allows for the sales of up to 6 million barrels per year starting in 2025, marking a significant step towards enhancing commercial relations between Petrobras and India’s state-owned refining segment.

Strengthening Commercial Relations

Petrobras highlighted that 4% of its oil exports went to India in 2024, with the country being the third-largest oil importer globally, importing approximately 85% of its oil last year. As Petrobras anticipates increasing energy demand driven by robust economic growth, India remains a crucial destination for its oil exports.

Boosting Production and Reserves

ONGC, on the other hand, has been actively enhancing its operations, including commissioning an LNG cargo terminal and partnering with BP to increase production from the Mumbai High field. Petrobras recently announced an increase in its proven reserves of oil, condensate, and natural gas in 2024, attributing the growth to advancements in developing fields in the pre-salt Santos Basin.

Overall, these agreements signify a deepening of ties between Petrobras and India’s state energy firms, paving the way for enhanced collaboration and mutual benefits in the oil and gas sector.