Minister of Petroleum and Natural Gas, Hardeep Singh Puri.
Credit: Reuters Photo
New Delhi: Bharat Petroleum Corporation Limited (BPCL) will sign a contract with Brazil government-run energy firm Petrobas next week for the purchase of 12 million barrels of crude oil worth Rs 7,165 crore ($780 million) from Brazil, Minister of Petroleum & Natural Gas Hardeep Singh Puri said on Friday.
The term contract for the supply of Brazilian crude oil to India will be signed during India Energy Week to be held in Goa from January 27-30. Other major oil and gas-related contracts are also likely to be signed during the four-day annual event.
The Indian oil refiners, including the state-run Indian Oil Corporation, Hindustan Petroleum Corporation Limited and BPCL, have been reshaping their crude sourcing strategies amid tighter sanctions by US President Donald Trump’s administration on Russian oil.
The US has imposed a 25 per cent punitive tariff on India for the purchase of Russian oil.
Speaking at a curtain raiser press conference on India Energy Week, Puri said oil prices are likely to remain stable despite global uncertainties.
“More and more energy is coming to the global market from the Western Hemisphere. By the Western Hemisphere, I mean Brazil, Guyana, Surinam, Canada… the US is producing 13 million barrels a day,” the minister said.
The minister refused to give any details on Russian supplies, but reiterated that the priorities of the oil refiners are to get supplies at cheaper prices.
“Whether it’s Brazil, where we are signing with Petrobras, or it’s Canada or other suppliers, I don’t foresee in the coming period any shortage of energy. You have to negotiate this. And you have to negotiate good prices,” Puri said.
Puri said the focus of the India Energy Week, which will be the first major international energy event of 2026, would be on strengthening energy security, catalysing investment and advancing practical decarbonisation pathways.
This will be the fourth edition of the annual event. India Energy Week (IEW) 2026 is expected to be the largest edition so far, with over 75,000 delegates, more than 600 exhibitors, including 180 international exhibitors, over 500 global speakers and 120+ conference sessions, as per data shared by the Ministry of Petroleum & Natural Gas.