ONGC Videsh to buy 12% in Brazil’s BC-10 block

To buy an additional 12 per cent participating interest in block BC-10 in Brazil’s Campos Basin, ONGC Videsh has signed definitive agreements. Post the deal, OVLÂ’s share in the acreage would increase to 27 per cent, the Indian government firm said on October 14.

In the deep water block, this is part of the sale of 35 per cent share made by Petrobras.

In 2006, OVL had acquired 15 per cent interest in the offshore block in the Campos Basin of Brazil. The acquisition of additional share in the block is subject to the approval of the Brazilian anti-trust and regulatory authorities, OVL said.