India's BPCL Plans $3 Billion Bond Issuance for Brazil Offshore Oil Project

Key Facts

1Bharat Petroleum Corporation Limited (BPCL) plans to issue a $3 billion bond to finance its share of an offshore oil development project in Brazil.

2The company held roadshows in London, Singapore, and Dubai to gauge investor interest for the bond issuance, which will occur in multiple tranches.

Bharat Petroleum Corporation Limited (BPCL) plans to issue a $3 billion bond to finance its share of an offshore oil development project in Brazil. Oilprice.com reported that the capital raise is intended to fund the company's $2.8 billion investment in the SEAP-I oil and gas field, where its subsidiary holds a 40% stake in partnership with operator Petrobras.

The company held roadshows in London, Singapore, and Dubai to gauge investor interest for the bond issuance, which Bloomberg reported will occur in multiple tranches. This strategic move aligns with BPCL's focus on securing long-term crude oil supplies, with the SEAP-I project scheduled to commence oil production in 2030 and natural gas production in 2031.