ONGC to partner with Petrobras for exploration

New Delhi: State-owned ONGC plans to partner with Brazilian company Petrobras in offshore exploration and production activities in India and Brazil.

Both the companies will jointly bid for offshore exploration blocks in the forthcoming New Exploration Licensing Policy (NELP) rounds in India and Brazil''s ninth round of bidding slated to be held in the second half of 2007.

Petrobras produces two million barrels of oil - bulk of which is produced in Brazil - and is a major player in deep and ultra-deepwater exploration segment.

The company has already paved way for ONGC Videsh Ltd, the overseas arm of ONGC, to acquire a stake in BC-10 a discovered oilfield in Campos Basin of Brazil.

Officials in the Brazilian company said ONGC would be Petrobras''s main partner in NELP-VII.