Bharat Petroleum Corporation (BPCL) is preparing to raise as much as $3 bn through an international bond sale, with most of the proceeds intended for an offshore oil project in Brazil and the refinancing of debt due next year. The state-owned refiner plans to issue the bonds in several tranches after holding investor roadshows in London, Dubai and Singapore last month.

The largest portion of the proceeds is expected to finance BPCL’s $2.8 bn contribution to the SEAP-I offshore development. BPCL’s subsidiary Bharat PetroResources owns a 40 per cent stake in the project, while Brazil’s state-controlled Petrobras operates the BM-SEAL-11 area and holds the largest interest.

The investment forms part of India’s effort to diversify overseas energy supplies amid disruptions linked to conflicts in the Middle East and between Russia and Ukraine. India imports almost 90 per cent of its crude oil and about half of its natural gas requirements, while state-run companies are increasing their overseas investments.

India’s crude oil imports from Brazil have more than doubled from 2025 levels so far this year, making Brazil the country’s fifth-largest crude supplier, according to Kpler data. South America has also emerged as a focus for global energy companies, with Exxon Mobil and TotalEnergies planning investments in the region.

SEAP-I is expected to produce 120,000 barrels of oil per day and process 10 mn cubic metres of natural gas daily once fully operational. Oil production is targeted to begin in 2030, followed by gas exports in 2031. Petrobras approved the project’s final investment decision earlier this year after delays in securing a floating production, storage and offloading vessel. Discoveries in the area were declared commercially viable in 2021, and a development plan was submitted to Brazil’s oil regulator in 2022.