Videocon Energy's partner finds oil off Brazil coast

Our Bureau Updated - September 22, 2011 at 10:26 PM.

Videocon Energy, a subsidiary of Videocon Industries, has announced that its senior partner, Petrobras of Brazil, has discovered oil and gas off the Latin American nation's coast.

Petroleo Brasileiro SA, the operator of block BM—SEAL—11 found oil and natural gas in the Sergipe—Alagoas Basin in Brazil, Videocon Energy said in a filing to the Bombay Stock Exchange.

Excellent quality

“Excellent quality hydrocarbons were observed. The Barra well is the first well drilled in deepwater exploration in water depths of 2,311 meters, 58 km from the coast of Sergipe and 90 km from Aracaju, in the Sergipe—Alagoas Basin, offshore Brazil,” the company said in the statement.

Petrobras is the operator of the block with 60 per cent interest. IBV Brasil — a 50:50 joint venture company of Videocon Energy Brazil Ltd and Bharat Petroleum Corp Ltd's subsidiary Bharat PetroResources Ltd holds the balance 40 per cent interest in the block.

The statement did not elaborate on the reserves that the discovery may contain.

Published on September 22, 2011 16:56