India allows Bharat PetroResources to invest extra $1.6 billion in Brazil oil project

NEW DELHI (Reuters) - 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.

(Reporting by Nidhi Verma)

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