State-run Bharat Petroleum Corporation Ltd (BPCL) has completed the acquisition of the remaining 39.14% stake in IBV Brasil Petroleo Limitada (IBV) for ₹2,312 crore, taking full ownership of the Brazil-based oil and gas exploration company.
The acquisition was executed through BPRL Ventures BV, BPCL’s indirect wholly owned subsidiary, and was completed on July 1, 2026, the company said in a regulatory filing.
BPCL takes complete control of Brazilian oil & gas company
Prior to the acquisition, BPRL Ventures BV held 60.86% of IBV. With the purchase of the remaining 39.14% equity stake, IBV has become a wholly owned subsidiary of BPRL Ventures BV, strengthening BPCL’s international upstream presence.
The company noted that BPRL Ventures BV’s shareholding had reduced from 65.40% to 60.86% immediately before the acquisition following the conversion of shareholder loans into equity as part of the acquisition process.
Acquisition to boost India’s energy security
BPCL said the acquisition will provide access to additional equity oil and gas production, strengthening its upstream portfolio while contributing to India’s energy security.
“The acquisition provides access to additional equity oil and gas to BPCL thereby contributing to India’s energy security,” the company said in the filing.
The transaction is in line with BPCL’s strategy of expanding its overseas exploration and production assets to secure long-term energy resources.
Deal valued at ₹2,312 crore
The acquisition was completed through a cash transaction valued at ₹2,312 crore. The company confirmed that the deal does not qualify as a related-party transaction and has been undertaken on an arm’s length basis.
The transaction also received the necessary concurrence from the Department of Investment and Public Asset Management (DIPAM) and NITI Aayog before completion.
About IBV Brasil Petroleo
IBV Brasil Petroleo Limitada is a Brazil-based company engaged in the exploration and production of oil and gas. The company holds participating interests in multiple oil and gas concessions in Brazil. Incorporated on December 26, 2005, IBV reported nil turnover during calendar years 2023, 2024 and 2025, according to the filing.
Strengthening BPCL’s upstream business
The acquisition further reinforces BPCL’s focus on expanding its upstream business by increasing access to overseas hydrocarbon reserves.
With complete ownership of IBV, BPCL is expected to have greater operational and strategic flexibility in managing the Brazilian assets, while enhancing its long-term energy portfolio amid growing global demand and India’s increasing energy requirements.
The deal also reflects the company’s continued efforts to diversify its upstream investments beyond domestic assets and secure additional equity oil and gas resources to support the country’s long-term energy needs.