The Goa Gambit: BPCL and Petrobras Ink $780M Mega-Oil Deal

India Energy Week 2026, beginning on January 27 in Goa, will witness the signing of a USD 780 million crude oil supply agreement between Bharat Petroleum Corporation Ltd (BPCL) and Brazil’s Petrobras, along with several major shipbuilding and energy collaboration deals, Business Standard reported.

Under the agreement, BPCL will purchase 12 million barrels of crude oil from Petrobras during the 2026–27 financial year, doubling its earlier annual imports from the Brazilian producer. The deal aligns with India’s broader strategy to diversify crude oil sourcing, which has expanded to 41 countries from 27 in 2007, as refiners look to reduce dependence on Russian oil amid US sanctions.

The four-day conference, to be held at ONGC’s Advanced Training Institute, will also see ONGC and its Japanese partner Mitsui OSK Lines sign contracts with Samsung Heavy Industries for the construction of two very large ethane carriers. These vessels will transport ethane from the US to ONGC’s petrochemical complex in Dahej, Gujarat, starting around 2028.

Additional agreements are expected between Bharat PetroResources and Shell, as well as Numaligarh Refinery and TotalEnergies, covering projects in sustainable aviation fuel and liquefied natural gas. The event is projected to attract over 75,000 delegates, including energy ministers from 17 countries.

News by Rahul Yelligetti.