Press Esc to close


World Oil News Center

ONGC Videsh signs definitive agreements to acquire 12% interest in Brazil’s BC-10 Block

NEW DELHI, India -- ONGC Videsh, through its affiliates, has signed definitive agreements to acquire a 12% Participating Interest (PI) in Block BC-10 offshore Brazil.

ONGC Videsh (OVL) had earlier acquired a 15 % PI in the block in 2006. The other partners in the block were Shell (operator) with a 50% PI and Petrobras with a 35% PI. In August 2013, Petrobras entered into a Sales Transaction with Sinochem for disposal of their 35% PI in BC-10 for $1,543 million.

This agreement was subject to the pre-emption rights of the partners Shell and ONGC Videsh. A Pre-emption Notice was served on September 17, 2013, by Shell and ONGC Videsh to jointly acquire 35%, in which 12% PI corresponds to ONGC Videsh.

As a follow up of the notice, ONGC Videsh, through its affiliates, signed Sale and Purchase Agreements with Petrobras on October 11, 2013, for acquisition of a 12 % PI in the block, for $529.03 million. On closing, the PI of OVL would increase to 27%. The acquisition of additional PI in the block is subject to approval of the Brazilian antitrust and regulatory authorities.

The BC-10 Block, also known as Parque das Conchas, is in Brazil’s Campos basin. It includes 4 offshore deepwater fields (Ostra, Abalone, Argonauta and Nautilus) and a few identified exploration prospects. The license for the fields expires in December 2032.

In a separate development, ONGC Videsh has been awarded two onshore blocks, namely B2 (Zebyutaung-Nandaw) and EP-3 (Thegon-Shwegu), in the Myanmar Onshore Bidding Round 2013. This was announced by the Ministry of Energy, Republic of the Union of Myanmar. Block B-2, having an area of 16,995 sq km, is located in northern Myanmar, and Block EP-3, having an area of 1,650 sq km, is located in central Myanmar.



Bookmark and Share



Engineering Data Tables

World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.


2013 Fracturing Technology

2013 Fracturing Technology


By Digital Publisher

Drill Bit Classifier World Oil published its renowned Drill Bit Classifier in September 2013. The Drill Bit Classifier is a comprehensive listing of major manufacturers' d...


Upcoming Events