India, Brazil discuss enhancing cooperation in Oil & Gas sector

by Dave


Petroleum Minister Murli Deora and Minister of Development, Industry and Foreign Trade of Brazil Migel Jorge have discussed measures on how to strengthen the ties between the two countries in the oil sector.

ONGC Videsh Ltd (OVL) has significant presence in Brazil, having invested in the year 2006 an offshore block (BC 10) in Campos Basin of Brazil and acquired exploration rights of two offshore blocks in Brazil in March 2008.

ONGC and Petrobras, the premier oil and gas company of Brazil, are strengthening their partnership by swapping participating interests in three blocks in each other’s country.

OVL and Petrobras are working jointly in an oil block in Colombia.

Bharat Petro Resources Ltd, a subsidiary of Bharat Petroleum Corporation Ltd, has acquired 10 offshore petroleum blocks in Brazil in September 2008, in partnership with Videocon Industries Ltd.