BPCL Arm, Videocon In Agreement To Acquire Stake In Brazilian Oil Firm

Mumbai: Videocon Industries Ltd and Bharat PetroResources Ltd ( a wholly owned subsidiary of Bharat Petroleum Corporation Ltd) have jointly forayed into a pact with EnCana Corporation and 749793 Alberta Ltd of Canada to purchase 100 per cent share capital of Encana Brasil Petroleo Limitada (EBPL), a company incorporated in Brazil, for a consideration of about $165 million. The closure is subject to normal closing conditions, regulatory approvals and pre-emptive rights associated with certain underlying assets. The sale is hoped to finish in the first quarter of 2008. An oil exploration company, EBPL''s assets are 10 deepwater offshore exploration blocks in four concessions in Brazil. VIL and BPRL are equal associates in the consortium.