Petróleo Brasileiro SA said Wednesday it has renewed contracts to supply crude oil to three of India’s main refiners.
“The crude oil sales contracts with Indian Oil Corp Ltd (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) will remain in force until March 2027”, the Brazilian state-owned company said in an online statement.
“The commercial instruments represent potential sales of up to 60 million barrels, with a total value that could exceed $3.1 billion.
“With IOC, India’s largest state-owned refiner, the new contract provides for the sale of up to 24 million barrels of Brazilian crude oil, with a 12-month term, renewable for an equal period.
“With BPCL and HPCL, Petrobras expanded the maximum volume of each contract from six million barrels to 18 million barrels, also running through March 2027”.
Petrobras noted, “India, one of the world’s largest crude oil importers, purchases around five million barrels per day and is a strategic market for Petrobras”.
Petrobras director for logistics, marketing and markets Cláudio Schlosser said, “The contracts strengthen Petrobras’ presence in the Indian market and contribute to diversifying our crude oil export customer base. We are committed to strengthening strategic partnerships, expanding our global footprint and generating value for Brazil”.
The new contracts with the state-owned refiners were signed at the India Energy Week in the Indian city of Goa.
Increased Reserves
Separately on Wednesday Petrobras said it had increased its proven reserves of oil, natural gas and condensate to 12.1 billion barrels of oil equivalent (Bboe) as of the end of 2025. The company said it had added 1.7 Bboe of reserves last year.
“The reserve replacement rate was 175 percent, even after a record annual production in 2025. The proved reserves-to-production ratio is 12.5 years”, Petrobras said in a press release.
“The reserves addition occurred mainly due to the outstanding performance of the assets, with emphasis on Búzios, Tupi, Itapu and Mero fields in Santos Basin, to the progress in the development of Budião, Budião Noroeste and Budião Sudeste fields in the deep waters of Sergipe-Alagoas Basin, and to new wells mainly in Búzios, Tupi, Marlim Sul and Jubarte fields in Santos and Campos basins.
“There were no relevant changes related to the variation in the oil price, highlighting the resilience of our projects”.
Petrobras’ production grew 11 percent year-on-year to 2.99 million barrels of oil equivalent a day last year. Oil production averaged 2.4 million barrels per day, also up 11 percent from 2024, the company reported January 16, 2026.
Early in 2026 Petrobras and its partners put onstream Búzios’ seventh production platform, raising the offshore field’s capacity to about 1.15 million barrels of oil per day.
The newest development, Buzios6, is designed to produce up to 180,000 barrels of oil per day and 7.2 million cubic meters (254.27 million cubic feet) of gas per day through the P-78 floating production, storage and offloading (FPSO) vessel, according to Petrobras. Buzios7 is the sixth development in the field to enter production, in the first quarter of 2024.
“Furthermore, this project [Buzios6] will allow for the export of gas to the mainland via interconnection with the ROTA 3 gas pipeline, expanding Brazil’s gas supply by up to three million m3 per day”, Petrobras, which operates the field with an 88.99 percent stake, said in an online statement January 2, 2026.
Petrobras president Magda Chambriard said then, “We plan to produce 2.5 million barrels of oil per day throughout this year, and much of it will come from Búzios, the country’s largest field in terms of reserves and production”.
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