Bharat Petroleum Corporation Limited (BPCL) has signed definitive agreements to acquire the remaining 34.6% stake in IBV Petroleo, a Brazil-based oil and gas firm, from Videocon Energy.
The transaction, executed by BPCL’s indirect wholly owned subsidiary BPRL Ventures BV, marks the completion of the Indian state-run refiner’s consolidation of the asset.
This acquisition follows BPCL’s recent domestic moves, including a ₹85 crore cash deal to acquire a 40% equity stake in Tiki Tar and Shell India.
The move finalizes BPCL’s full ownership of IBV Petroleo, allowing the company to integrate the Brazilian operations directly into its international portfolio.
By taking full control, BPCL aims to streamline decision-making and capture the full value of the upstream assets in Latin America, a region where it has been actively expanding its presence.
This acquisition follows BPCL’s recent domestic moves, including a ₹85 crore cash deal to acquire a 40% equity stake in Tiki Tar and Shell India.
The broader strategy reflects the Indian oil major’s push to diversify its asset base both domestically and internationally, balancing downstream marketing with upstream exploration and production opportunities.