Bharat Petroleum Corporation is preparing a bond sale of up to $3 billion to fund its offshore oil ambitions in Brazil, in what would be one of the largest overseas borrowings by an Indian state-run firm.

The bonds are expected to be issued in international markets, with the proceeds earmarked for the company’s upstream investments off the Brazilian coast. BPCL has been expanding its overseas exploration portfolio as part of a push for energy security.

Market sources said the offering is likely to attract strong interest from global investors, given BPCL’s strong credit profile and India’s steady fuel demand outlook. The timing reflects favourable conditions in international debt markets.

The move comes as Indian oil majors increasingly look abroad for equity oil, seeking to secure long-term supplies for the country’s growing energy needs.

The largest share of the money will fund BPCL’s $2.8 billion contribution to the SEAP-I offshore development in Brazil, where Petrobras holds 60 per cent and BPCL 40 per cent. The FPSO contract was signed with SBM Offshore in May, with first production targeted by 2030. India imports almost 90 per cent of its crude, and Brazilian imports have more than doubled from 2025 levels, making Brazil India’s fifth-biggest supplier.