ONGC Videsh to invest $1 billion in offshore block held by Petrobras

Brazil's Petroleo Brasileiro SA (Petrobras) owns a 75 per cent stake in the block and the rest 25 per cent is held by OVL, it will raise its stake in the block

ONGC Videsh Ltd (OVL) will invest $1 billion in a Brazilian offshore hydrocarbon block and will raise its stake. Currently, Brazil's Petroleo Brasileiro SA (Petrobras) owns a 75 per cent stake in the block and the remaining 25 per cent is held by OVL. According to a report in Mint, the block was discovered in 2019 and is expected to start production by 2026. 

The 320 sq km block lies in the Sergie Alagos Offshore Basin. 

"Energy diversification is an important agenda before the Indian government with investments planned in Brazil," the Mint report quoted a person aware of the matter