Brazil’s state-run oil company Petrobras has signed a crude oil sales contract with India’s state-owned refiner Hindustan Petroleum Corporation (HPCL) (Petrobras press release, 17/10/2025). The agreement provides for the delivery of up to 6 mbl over a one-year period.
- With the new agreement signed with HPCL, Petrobras is now supplying crude oil to all three major state-owned refiners in India: HPCL, BPCL, and IOC.
- In addition to the recent deals with HPCL and BPCL (each for up to 6 mbl over one year), Petrobras has exported over 20 mbl to IOC under an ongoing commercial agreement over the past two years.
Brazil’s environmental agency has approved Petrobras to begin exploratory drilling in the Foz do Amazonas region, near the Amazon River’s mouth. This deepwater area off the coast of Amapá is Petrobras’ most promising frontier, sharing geological traits with nearby Guyana, where ExxonMobil is developing large fields.
- ExxonMobil currently produces about 650 kb/d from the Stabroek Block offshore reservoir in Guyana and, following the recent startup of its fourth FPSO, “ONE GUYANA”, aims to raise output above 900 kb/d by the end of 2025 (KEI, 24/09/2025).
Petrobras plans to start drilling immediately, with operations expected to last around 5 months (Petrobras press release, 20/10/2025).