ONGC increases stake in block offshore Brazil

ONGC Videsh has increased its interest in Shell-operated block BC-10 in the Campos basin offshore Brazil.

Offshore staff

NEW DELHI, India – ONGC Videsh has increased its interest in Shell-operated block BC-10 in the Campos basin offshore Brazil.

The company has acquired 12% of Petrobras’ stake, increasing its share to 27%. The deal is subject to approval of the Brazilian antitrust and regulatory authorities.

BC-10, also known as Parque das Conchas, is 120 km (74 mi) from Vitoria. It includes the Ostra, Abalone, Argonauta, and Nautilusdeepwater fields and other exploration prospects. Water depths range from 1,500-1,950 m (4,921-6,397 ft).

10/14/2013

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