The Hindu Business Line : OVL to acquire ExxonMobil's 30% stake in Brazil oilfield

ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation, has reached an agreement with ExxonMobil to acquire the US energy firm's 30 per cent stake in an oil field in Brazil for about $1.4 billion.

"OVL has reached an agreement with ExxonMobil," a senior official in the Petroleum Ministry said. The offshore block is located off the east coast of Brazil's south-eastern state of Espirito Santo.

While Shell and Petrobras each have a 35 per cent stake in the block, ExxonMobil holds the remaining 30 per cent. Shell is the operator in the offshore block. "Shell and Petrobras have pre-emption rights and their approval was contingent to OVL getting a stake," the official said.

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