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Videocon Energy's partner finds oil off Brazil coast

23 Sep 2011 Evaluate

Videocon Energy’s (Videocon subsidiary) 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. 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.

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 company did not elaborate on the reserves that the discovery may contain

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