ONGC Videsh wins 2 exploration blocks in Brazil

Mumbai: ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation (ONGC), has won two exploration blocks in Brazil, the company said in a statement.

ONGC said it had picked up Block 470, a deepwater block in the
Espirito Santos basin, and another in shallow waters in the Santos

A consortia led by Petrobras and Perenco have also bid for Block 470, while Petrobras and Ecopetrol have submitted bids for Block 1413, ONGC said in a statement

Brazil''s regulatory body Agncia Nacional do Petrleo (ANP) had put on sale 271 blocks covering nearly 73,000 sq km area in deepwater, shallow water and onshore, in nine basins, in the country''s ninth round of auction.

As many as 74 companies, including Petrobras of Brazil, Shell, Exxon, ENI, Chevron, had applied for qualification for the blocks.

OVL was among 24 which qualified as operator A that included, the statement said. The company beat Petrobras and another consortium led by Perenco to bag Block ES 470, while for Block SM 1413 it defeated Petrobras and Ecopetrol.

OVL already has a minority interest in Block 10 which is under development and has recently signed the farm-out agreement with Petrobras for three offshore blocks.

ONGC Videsh is present in 29 oil and gas projects spread over 15
countries and is spearheading India''s quest for securing energy
security through overseas equity oil.