ONGC Videsh agrees to additional interest offshore Brazil

India’s ONGC Videsh has signed agreements to acquire 12% participating interest in Block BC-10 in the Campos basin offshore Brazil for $529 million from Petroleo Brasileiro SA (Petrobras).

If approved by Brazilian antitrust and regulatory authorities, ONGC Videsh would own 27%. The company acquired 15% in 2006.

Block BC-10 includes several identified exploration prospects and four deepwater fields: Ostra, Abalone, Argonauta, and Nautilus. Water depths range 1,500-1,950 m. The license for the fields expires in 2032.

ONGC Videsh said the transaction is part of the Petrobras effort to sell its 35% stake.

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