Hardeep Singh Puri, Petroleum Minister
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India’s state-run Bharat Petroleum Corporation Limited (BPCL) is set to sign a term contract to source 12 million barrels of crude oil from Brazil’s Petrobras, valued at about $780 million.
Speaking at a curtain-raiser event for India Energy Week (IEW) 2026, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said the agreement will be formalised at the upcoming IEW.
The contract is among the key commercial agreements expected to be concluded during the event.
Significantly, the development comes amid evolving global crude supply dynamics, including sanctions on Russia, geopolitical tensions in West Asia and recent developments involving Venezuela.
While India continues to import Russian crude, global supply flows are undergoing adjustments, leading refiners to widen sourcing options.
According to Puri, global energy markets remain stable despite geopolitical turbulence, adding that India does not foresee any shortage of crude oil supplies.
“Global energy markets are stable despite recent turmoil. Prices have stayed above around $60 even amid volatility,” Puri said.
According to him, India is currently sourcing crude oil from 41 geographies, compared with 27 regions earlier.
Besides, the minister noted that a larger share of global energy supplies is now flowing in from the Western Hemisphere, with incremental volumes coming from countries such as Brazil, Guyana and Suriname.
Pact with Shell
Apart from the BPCL–Petrobras contract, BPCL’s overseas arm, Bharat PetroResources Ltd (BPRL), will also sign a memorandum of understanding with Shell for potential collaboration and participation in global exploration opportunities.
Meanwhile, IEW 2026 will be held from January 27 to 30 in Goa. It will bring together ministers, global chief executive officers, policymakers and industry leaders.
Additionally, several business agreements are expected to be concluded during the week, including partnerships involving Oil and Natural Gas Corporation Ltd, Oil India Ltd, Numaligarh Refinery Ltd and TotalEnergies, covering areas such as liquefied natural gas sourcing and sustainable aviation fuel projects.
In another key development, two shipbuilding contracts are expected to be signed during India Energy Week 2026.
These include contracts involve Oil and Natural Gas Corporation, Japan’s Mitsui O.S.K. Lines, and South Korea’s Samsung Heavy Industries.
Furthermore, Prime Minister Narendra Modi is expected to hold a chief executive officer roundtable during the event, along with multiple country-specific engagements, including the India–Arab Energy Dialogue.
Separately, the minister referred to the government’s Samudra Manthan deepwater exploration mission, noting that offshore drilling activity remained near-zero between 2006 and 2016.
He said that the initiative aims to multiply exploration wells over the next decade.
Published on January 23, 2026
