Petrobras announced the expansion and renewal of oil sales contracts with Indian state‑owned refiners, adding more than $3.1 billion in new business and up to 60 million barrels of crude for the 2026‑27 fiscal year.
The contracts cover Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum, with the Bharat Petroleum deal alone worth $780 million for 12 million barrels. All agreements run through March 2027, extending Petrobras’ presence in India for an additional year.
The announcement follows a record reserve update in which Petrobras reported proven oil, condensate and natural‑gas reserves of 12.1 billion barrels of oil equivalent in 2025, up from 11.4 billion in 2024 and a 175 % replacement rate. The reserve growth gives the company a robust supply base to honor the new contracts.
India is accelerating its diversification of crude imports, reducing reliance on Russian oil amid geopolitical tensions. Petrobras’ expanded contracts tap into that shift, positioning the company as a key supplier in one of the world’s fastest‑growing fuel markets and strengthening its Asia export mix, which accounted for 72 % of sales in Q3 2025.
“The contracts strengthen Petrobras’s presence in the Indian market and contribute to the diversification of our portfolio of oil export customers,” said Cláudio Schlosser, director of logistics, marketing and markets. The deal signals Petrobras’ confidence in its production capacity and its strategy to deepen ties with high‑growth markets.
Investors welcomed the announcement, citing the strong reserve base and the new contracts as positive indicators of Petrobras’ international expansion and long‑term growth prospects.
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