ONGC Videsh (OVL), the wholly owned subsidiary and overseas arm of ONGC, is considering investing approximately $1bn in the BM Seal-4 deep offshore block in Brazil, reported Enewsapp.

The Brazilian offshore hydrocarbons block is operated by Brazil’s state-run Petroleo Brasileiro (Petrobras) with a 75% stake while the remaining 25% stake is held by OVL.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

OVL’s investment decision comes close after a declaration of commerciality (DoC) for the BM Seal-4 block, which is located within the Sergipe Alagoas Offshore basin.

An undisclosed individual was quoted by Enewsapp as saying: “Power diversification is crucial […] sooner than the Indian authorities with investments deliberate in Brazil.”

In 2019, OVL first made a major gas discovery in the offshore block.

See Also:

A Petrobras spokesperson was quoted as saying in an emailed statement: “Petrobras informs that there’s no transaction relating to BM Seal-4.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The move comes amid India’s efforts to secure liquefied natural gas (LNG) globally, following the cancellation of a contract between GAIL and Gazprom’s former subsidiary, Gazprom Marketing and Trading Singapore, reported CNBCTV18.

A consortium of OVL, Oil India, and Indian Oil Corp (IOC) are also looking to jointly purchase a stake in Russian Rosneft’s Vostok venture.

In a bid to diversify its energy supply, India is also considering investing in Novatek’s Arctic LNG-2 venture.

Brazil’s ambassador to India Andre Aranha de Lago in a recent interview said: “India is among the first international locations to simply accept the concept Brazil is a big participant in Oil. Since Brazil is a brand new participant on this trade, it is vital that we have got as shut a courting as conceivable with India, which is a big client country.”