India’s deepwater energy ambitions received a boost with the detection of natural gas in the Sri Vijayapuram-2 well, raising hopes of a major hydrocarbon reserve, Union Minister Hardeep Singh Puri has confirmed. India’s aspirations for aatmanirbharta (self-reliance) in hydrocarbons received a significant boost with the detection of natural gas in the Andaman Basin, located in...
Tag: Petrobras
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OVL to buy stake in Brazil
To buy an additional 12 per cent participating interest in block BC-10 in Brazil's Campos Basin, ONGC Videsh (OVL) has signed definitive agreements. Post the deal, OVL's share in the acreage would increase to 27 per cent. 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 Campos Basin.
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OVL bars Chinese firm from buying state in Brazilian oilfield
Indian-government owned ONGC Videsh (OVL) has blocked a Chinese company from acquiring a stake in the Brazilian oilfields by utilising its pre-emptive right. The Brazilian State-owned Petrobras had planned to sell its 35 per cent state in block BC-10 in the Campos Basin to the Chinese Sinochem group for $1.54 billion. OVL, has a 15 per cent stake in BC-10, along with Royal Dutch Shell company.
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Petrobras to increase exports to India
Brazilian national oil exploration firm Petrobras is in negotiations to increase crude oil exports to Indian refineries. Increasing export quantities to India would depend on negotiations.