OVL Gets 2 Oil Blocks In Brazil

ONGC''s foreign arm ONGC Videsh has received two exploration blocks in Brazil. The deepwater block 470 in the Espirito Santo basin and shallow water Block 1413 in Santos basin are stated to be highly prospective. For Block ES 470 won by ONGC Videsh, competitive bids were offered by a consortium led by Petrobras and another consortium led by Perenco. Whereas for block SM 1413 bids were offered by Petrobras and Ecopetrol. OVL already has a minority interest in block BC-10 which is under development and has recently signed the Farm-out Agreement with Petrobras for three offshore blocks. ONGC Videsh has been among twenty four which qualified as operator ''A'' including Petrobras, Shell, Exxon, ENI, Chevron. Agencia Nacional do Petroleo (ANP), the regulatory agency of Brazil, had announced the opening of Brazil bidding round 9. Bids have been invited for 271 blocks in nine basins. Seventy four exploration and production (E&P) companies had applied for these blocks.