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Mumbai:
PSU oil explorer Oil and Natural Gas Corporation
has signed a preliminary agreement with Brazil''s Petrobras
that would give the two state-controlled firms stakes
in each other''s exploration blocks.
India
and Brazil also signed several other agreements to boost
economic cooperation.
The
agreements for cooperation in oil exploration, education,
space, audiovisual co-production and assistance in customs
matters were signed in the presence of prime minister
Manmohan Singh and visiting Brazilian president Luiz
Inacio Lula da Silva.
While
Petrobras had earlier allowed ONGC to acquire a stake
in an exploration block off Brazil''s east coast, the
new deal will allow the Brazilian oil major explore
in oil blocks in India, ONGC said in a statement.
Under
the new deal ONGC will get 25-30 per cent stake in three
exploration blocks in Barrierinhas, Sergipe-Alagoas,
and Santos basins off Brazil''s east coast, Petrobras
Europe Ltd.''s new venture manager Demarco Epifanio was
quoted as saying.
In
return, Petrbras will get a 15-40 per cent stake in
ONGC''s three deep-water blocks in Mahanadi, Krishna-Godavari
and Cauvery basins off India''s east coast, Epifanio
said, adding, "At a later date Petrobras may increase
its stake in blocks of ONGC depending on the success
and need."
ONGC
and Petrobras had joined hands in April last year, when
the Brazilian company waived its right of pre-emption
in an offshore block BC-10 in the Campos basin, enabling
ONGC to get a 15 per cent stake in the block.
Petrobras
currently produces 2.3 million barrels per day (bpd)
of oil and oil equivalent gas from its various blocks
within Brazil and outside, Epifanio said.
Most
of the higher output will be from three deep-water fields
in Campos basin off Brazil''s east coast - Marlim, Roncador
and Albacora Leste, Epifano said.
"Marlim
is producing around 500,000 bpd, Roncador is expected
to produce 360,000 bpd from September when two platforms
will come on stream and Albacora produces 180,000 bpd,"
he said.
ONGC
officials were not immediately available for comment.
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