Government of Brazil Approves Farming Out in the Block BM-S-73
ONGC Campos Limitada (OCL), Brazil- a wholly owned subsidiary of OVL, had acquired the 100% stake in the block, BM-S-73 (formerly S-M-1413) during 9th bidding round in the year 2007.
The offshore concession is located in the Santos basin and covers an area of 160.04 square kilometers. The concession is a part of Brazil’s Ninth Licensing Round and is currently in exploration phase.
ONGC Campos Limitada, Petroleo Brasileiro S.A. – Petrobras and Ecopetrol Oleo Gas do Brasil LTDA had entered into an agreement under the terms of which Petrobras will get 43.5% share, Ecopetrol will get 13% in the block BM-S-73 and 43.5% will remain with ONGC Campos Limitada, the Operator of the block. ONGC Campos Limitada shall also get 43.5% share from Petrobras and Ecopetrol in their block BM-S-74 who will have 43.5% and 13% share respectively.
ANP, the regulatory authority of Brazil has accorded the approval for the block farm-in BM-S-73 and the approval for farm-in block BM-S-74 is expected shortly.
Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,