Videocon consortium discovers new oil in Brazilian block

Videocon Industries Ltd. | Consumer Durables - Electronics | Consumer Durables | BSE: 511389 | NSE: VIDEOIND

03 Feb 2015 Evaluate

A consortium that includes Videocon Industries and Brazilian state-run oil company Petroleo Brasileiro SA (Petrobras) has discovered new light crude oil in the Sergipe basin off Brazil’s Northeast coast. The company has announced the drilling results of the third appraisal well 3-SES- 186 (3-BRSA-1286-SES), located 103 km from the city of Aracedu and about 10 km from the discovery well 'Farfan, in the Concession Area BM-SEAL-11, Block SEAL-M-426 in deepwater Sergipe Alagoas Basin.

The result obtained in this well confirms the extension of the light oil reservoirs previously discovered by the ‘Farfan’ discovery well in turbidite sandstones of Upper Campanian age (Calumbi Formation), communicated to stock exchange on August 12, 2013. In addition, the welt found presence of a new light oil accumulation with a total thickness of 68 meters in shallower reservoirs. This accumulation is part of the Sergipe-Alagoas Basin ultra-deep water exploratory project, as provided for in the 2014-2018 Business and Management Plan. The Well 3-SES-186 is currently under further drilling to the target depth of 6060 meters, at water depth of 2.467 meters.

The Consortium Partners will continue implementation of the Discovery Assessment Plan (PAD) as approved by the Brazilian regulatory authority, Agencia Nacional Do Petroleo, Gas Natural e Biocombustiveis (ANP).

Petrobras holds 60% Participating Interest in the Concession and IBV Brasil (a Brazilian Joint Venture Company equally held by Videocon Energy Brazil, a wholly owned overseas subsidiary of Videocon, and BPRL Ventures N.V., a wholly owned subsidiary of Bharat Petroleum Corporation, a Government of India majority held company) holds the remaining 40% Participating Interest in the Concession. The consortium will carry on operations in the area to further confirm the extent of the hydrocarbons in place and the characteristic of the reservoir conditions encountered.

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