ONGC Videsh Limited (OVL), the overseas arm of Oil and Natural Gas Corporation Limited (ONGC) acquired on 11 October 2013 an additional 12 per cent stake in a Brazilian oil blocks for 529 US million Dollars (Block BC-10). This would increase participating interest of OVL’s to 27 per cent.
Earlier ONGC Videsh Ltd acquired 15 per cent interest in a Brazilian oil block from Brazil's Petrobras in 2006.
The other partners in the block include Shell, which is the operator with 50 per cent stake.
About The Block BC-10
• The Block BC-10, also known as Parque das Conchas, includes four offshore deep-water fields — Ostra, Abalone, Argonauta and Nautilus and a few identified exploration prospects.
• The block is in the deep-waters of Brazil in the water depths ranging from 1500 to 1950 meters and 120 kilo metres from Vitoria town on the shore.
• The licence for the fields expires in December 2032.
About ONGC Videsh Limited (OVL)
• ONGC Videsh Limited (OVL) a Miniratna Schedule a Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum and Natural Gas.
• It is wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), the flagship national oil company (NOC) of India.
• The primary business of OVL is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas. OVL owns Participating Interests in 32 oil and gas assets in 16 countries and contributes to 12 percent and 7 percent of oil and natural gas production of India respectively.
•In terms of reserves and production, OVL is the second largest petroleum Company of India, next only to its parent ONGC.