Videocon Industries (VIL) step down subsidiary - Videocon Energy Brazil (VEBL) has successfully completed exploration program in ES-M-661 block, BM-ES-24 concession, in the Espirito Santo Basin, Offshore Brasil. Petroleo Brasileiro S.A (Petrobras), the national oil company of Brazil is the operator of the block.
Exploration Well 1-ESS-209, known as ‘Grana Padano’ was successfully drilled up to a depth of 2,961 meters, in a water depth of 1,208 meters by the consortium. In the Albian Sao Mateus formation, an oil column of more than 30 meters (gross), 15 degree API, between 2008-2047 meters, was established, based on logs recorded, lithologies recovered and MDT sampling.
Further, the consortium will continue the activities in the block, and intends to submit to the national agency of petroleum, Natural gas and biofuels (ANP) for a proposed evaluation plan.
Petrobras holds a 40% working interest, Anadarko holds a 30% working interest and IBV Brasil Petroleo, a 50:50 JV Company of Bharat PetroResources and VIL, holds the balance 30% working interest in the block.
Videocon Industries, established two decades ago, is a global conglomerate with market capitalization of $2.5 billion. Videocon’s businesses’ consists of manufacturing, marketing and distribution of consumer electronics products and oil & gas extraction.
