Indian Economy News

ONGC Videsh to invest US$ 1 billion in offshore block held by Petrobras

  • IBEF
  • October 7, 2022

A Brazilian offshore hydrocarbon block is expected to get US$ 1 billion investment and a stake increase from ONGC Videsh Ltd (OVL). Currently, OVL owns 25% of the block, with Petrobras holding the remaining 75%. Petrobras is a Brazilian oil company. The block was discovered in 2019 and is anticipated to begin production by 2026.

Indian oil companies have prioritised Latin America. Additionally, Indian Oil Corporation (IOL) and Colombia's Ecopetrol SA has also signed a contract for the purchase of oil.

OVL, Indian Oil Corp. (IOC), and Oil India Ltd. are seeking to pool their resources to engage in Rosneft's Vostok project in Russia. As part of its attempts to ensure its energy security, India has also been exploring to participate in Novatek's Arctic LNG-2 project.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.