• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Form joint working group

New Delhi , Jan. 19

Brazil's Petrobras and State-owned ONGC would partner 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.

Speaking to newspersons at the sidelines of the Petrotech-2007, Mr G. Estrella, Director (Exploration and Production) of Petrobas said, "Petrobras and ONGC have formed a joint working group to explore opportunities to collaborate in E&P activities in India and Brazil."

On the possibility of picking up stake in ONGC's deepwater find in Krishna-Godavari basin, Mr Estrella said that the working group would explore every possibility of partnering ONGC in exploration and production of oil and gas and other emerging energy sources like gas hydrates.

Petrobras produces roughly 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 stake in BC-10 discovered oilfield in Campos Basin of Brazil.

"We are interested in exploring hydrocarbon in India and preparing the roadmap for participation in NELP-VII, will be a priority for the joint working group," he said. ONGC will be the Petrobras's main partner in NELP-VII, he added.

On ONGC's foray in Brazil, he said, "we have already roped in OVL in Brazil and will jointly bid in the ninth round bidding in 2007."

More Stories on : Alliances & Joint Ventures | Petroleum | Oil & Natural Gas Corporation Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Innovation award for BEML

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line