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The joint venture between Brazil’s state-run oil company Petroleo Brasileiro SA (Petrobras) and India’s Videocon Industries Ltd and Bharat Petroleum Corp Ltd (BPCL), have found more light crude oil in the Sergipe Basin off Brazil’s Northeast coast.
The discovery is in the BM-SEAL-11 exploration block, which is believed to hold more than 1 billion barrels of recoverable oil. Petrobras owns 60 per cent of BM-SEAL-11 and IBV Brasil SA owns the rest. IBV is a 50-50 joint venture between Videocon and BPCL.
Pradeep Dhoot, Director of Global Business of Exploration & Production at Videocon Hydrocarbon said, “The discovery of hydrocarbons in what was proposed as a data acquisition well in the Sergipe Block is likely to add further to the hydrocarbon resources already indicated in the blocks.”
Videocon’s share price was up 20 per cent to ₹191.15 at close on Friday on the BSE.
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