Indian firms to participate in offshore oil hunt in Brazil: Puri
image for illustrative purpose
New Delhi: Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Friday that India and Brazil have agreed to expand their partnership in oil exploration and production, with Indian upstream oil companies such as ONGC expected to participate in upcoming offshore projects in the Latin American country.
“Was pleased to meet Geraldo Alckmin, Vice President and Minister of Development, Industry, Trade and Services of Brazil, during his visit to India.
Our conversation focused on the expanding energy partnership between India and Brazil, from robust bilateral trade in hydrocarbons and long-term crude supply contracts with Petrobras, to Indian investments worth over $3.5 billion in Brazil’s upstream sector, making it India’s largest investment destination in the Americas,” the minister said.
The minister further stated that discussions also took place on opportunities for collaboration in exploration and production, India’s participation in upcoming offshore projects, and mutual prospects in deep and ultra-deepwater activities.
The discussions further covered cooperation in the clean energy transition, biofuels and ethanol blending, and advancing joint efforts under the Global Biofuels Alliance, where both nations continue to play a leading role, he added.
“Having served as India’s Ambassador to Brazil from 2006 to 2008, it was a pleasure to reconnect with Brazil once again, a country with which I share enduring warmth and a deep professional association, particularly in the energy domain,” Puri said.
