Brazil and India bolster oil & gas collaboration with deal trifecta

Brazil’s state-owned energy giant Petrobras has signed two memoranda of understanding (MOUs) and one framework agreement with India’s state energy firms for cooperation in various areas related to the oil and gas segment.

The deals were inked during India Energy Week. On February 11, 2025, Petrobras signed an MOU with Oil India, a state-owned company that operates in the exploration and production (E&P) sector. Under the agreement, the duo will join forces in areas of common interest in India’s offshore area and work on identifying opportunities for future collaboration.

The following day, Petrobras’ Chief Executive Officer (CEO), Magda Chambriard, signed an MOU with another state-owned player, Oil & Natural Gas Corporation (ONGC). The deal was closed during a meeting with India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, in New Delhi. 

The agreement aims to expand mutual opportunities in the areas of exploration and production, oil and gas marketing, decarbonization, and low-carbon solutions, as well as the development of biofuels and new energies.

The year is off to a busy start for ONGC. After welcoming the inaugural commissioning liquefied natural gas (LNG) cargo at its terminal at Chhara Port in early January, this month, the Indian player tapped BP to help boost production from its Mumbai High field.

The Brazilian firm signed a framework oil export contract with a third state-owned company, Bharat Petroleum Corporation Limited (BPCL), on February 12. The agreement provides for sales of up to 6 million barrels per year starting in 2025. 

The deal was signed in New Delhi, in the presence of Petrobras’ Director of Logistics, Sales, and Markets, Claudio Schlosser. It is said to represent an important step towards strengthening commercial relations between Petrobras and India’s state-owned refining segment.

According to Petrobras, 4% of its oil exports went to India in 2024. The country, which the Brazilian firm says is the third largest oil importer in the world, imported around 85% of its oil last year. As Petrobras expects energy demand to increase, driven by robust economic growth, the Asian country continues to be a relevant destination for its oil exports.

This follows last month’s announcement by the Brazilian player that its proven reserves of oil, condensate, and natural gas increased in 2024 compared to the previous year. The firm believes the increase occurred mainly due to the progress in the development of several fields in the pre-salt Santos Basin.