Videocon Industries on Tuesday announced a new discovery of light hydrocarbons in a well, which is a part of a concession area of Sergipe Alagoas ultra deep water basin in Brazil.
The discovery well 1-SES166, informally called Cumbe, is located 109 km from the city of Aracaju at a water depth of 2,313 metres.
Brazilian energy giant Petrobras is the operator of the concession area (BM-SEAL-11) with 60 per cent participating interest, while the rest is held by IBV Brasil (a Brazilian joint venture company equally held by Videocon Energy Brazil Ltd, a wholly owned overseas subsidiary of Videocon, and BPRL Ventures a subsidiary of Bharat Petroleum Corporation Ltd.
Videocon in a press statement said that the consortium will continue to drill the well to a depth of 6,125 m, exploring other deeper objectives and conduct further analysis, with an aim of presenting the discovery evaluation plan to the Brazilian upstream regulatory agency, ANP.
Pradip N. Dhoot, Director of Global E & P business of Videocon Hydrocarbon Holdings Ltd, in the statement said that successive hydrocarbon discoveries in the Sergipe concession, has enhanced the quantum of hydrocarbon resources already established in the Sergipe Basin.