BPCL, Videocon's JV strikes oil in Brazil

IBV Brasil, a 50-50 joint venture between BPCL and Videocon Industries. The Petroleo Brasileiro SA is a Brazil's state-run oil company is formally known, and IBV Brasil, a drilling campaign off Brazil's northeastern coast and area controlled by Petrobras and Indian partners have found more than a billion barrels of oil in a field off the Brazilian coast. Both the entities have found the ‘SEAL-11’ exploration block which contains very large amounts of high-quality light crude oil and natural gas.

The SEAL-11 block and adjacent areas, 100 kilometers (62 miles) off the coast of the Brazilian state of Sergipe, may hold more than 3 billion barrels of oil in place. If confirmed, that would make the block one of the biggest global discoveries of the year. Petroleo Brasileiro owned 60 percent in the block, while 40 percent will be held by IBV (Videocon and BPCL).

If the area proves to have 3 billion barrels or more in place, it could ultimately produce 1 billion barrels based on Brazilian recovery rates of 25 percent to 30 percent of oil in place.

BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene