Brazilian state-controlled Petrobras is considering opportunities in deepwater and ultra-deepwater crude blocks in India, chief executive Magda Chambriard said today.
The Indian government announced on Tuesday, during the India Energy Week conference held in New Delhi, that it will offer 25 deepwater and ultra-deepwater oil blocks, Chambriard said.
"We will carefully evaluate these opportunities, always looking for new production frontiers, which will guarantee us security and financing for the energy transition," she added.
Petrobras has been looking for alternatives to replenish its crude reserves, as those in its main source of oil — Brazil's pre-salt — are dwindling.
But reserves are not in immediate danger, as the firm's proven oil and natural gas reserves rose by 4.6pc to 11.4bn bl of oil equivalent (boe) at the end of 2024.
The company's 2025-29 strategic plan envisions investments in Argentina, Bolivia, Colombia and Africa, but this is the first time Petrobras mentioned India as a potential source of crude.
Still, the company's main bets to replenish reserves are the southern Pelotas basin and the Foz do Amazonas basin in the northern equatorial margin. The latter could contain 10bn of recoverable bl of oil equivalent, according to energy research bureau EPE. Petrobras is awaiting permission to start exploratory drilling there, after it appealed environmental agency Ibama's May 2023 decision to deny the license on environmental grounds.
