India Allows Bharat PetroResources To Invest Extra $1.6 Billion In Brazil Oil Project

India's cabinet has approved an additional investment of $1.6 bln by Bharat PetroResource's Ltd (BPRL) in an oil project in Brazil, a government statement said on Wednesday.

BPRL, the exploration arm of state-run Bharat Petroleum Corp, holds 40% stake in BM-SEAL-11 project, while the remainder is held by Brazil's national oil company Petrobras.

Oil production from the block is expected from 2026/27, the statement said.