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Mumbai, Sept. 13 Videocon Industries Ltd and Bharat PetroResources Ltd ( a wholly owned subsidiary of Bharat Petroleum Corporation Ltd) have jointly entered into an agreement with EnCana Corporation and 749793 Alberta Ltd of Canada to purchase 100 per cent share capital of Encana Brasil Petroleo Limitada (EBPL), a company incorporated in Brazil, for a consideration of about $165 million.

The closure is subject to normal closing conditions, regulatory approvals and pre-emptive rights associated with certain underlying assets.

The sale is expected to close in the first quarter of 2008. The effective date of the transaction has been agreed upon as January 1, 2007.

An oil exploration company, EBPL’s assets are 10 deepwater offshore exploration blocks in four concessions in Brazil.

VIL and BPRL are equal partners in the consortium, Videocon Industries informed the BSE on Thursday.

The EnCana President and Chief Executive, Mr Randy Eresman, was reported to have said that the company was exiting Brazil in order to concentrate more on North American unconventional natural gas and integrated oilsands resources.

More Stories on : Overseas Investments | Petroleum | Mergers & Acquisitions | Bharat Petroleum Corporation Ltd

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