Bids sought for Videocon oil, gas assets

State Bank of India is soliciting bids for non-Indian oil and gas assets of financially beleaguered conglomerate Videocon Industries, Mumbai. It appointed Deloitte to seek buyers for properties in Brazil and Indonesia.

State Bank of India is soliciting bids for non-Indian oil and gas assets of financially beleaguered conglomerate Videocon Industries, Mumbai.

It appointed Deloitte to seek buyers for properties in Brazil and Indonesia.

In Brazil, a Videocon subsidiary holds varying interests in five offshore concessions through its half interest in a joint venture with Bharat Petroleum Corp. Ltd. called IBV Brasil Petroleo Ltda.

The concessions are BM-C-30 Campos, BM-SEAL-11 Sergipe, BM-ES-24 and ES-24A off Espirito Santos and Bahia states, and BM-POT-16 Potiguar.

Discoveries have been made in three of the Brazilian concession areas.

In Indonesia, Videocon holds a 12.5% working interest in the Nunukan production sharing contract in the Tarakan basin off northeastern Kalimantan.

More in Companies