Wednesday, November 25, 2009

Bharat Petroleum and Videocon consortium strike offshore oil in Brazil - November 2009

The consortium has discovered additional oil in an exploration acreage in the Campos basin, off the Brazilian coast. The discovery is more than 90 feet of high-quality oil in their Wahoo-2 well block, also identified as BM-C-30, The well is five miles to the north from the original Wahoo discovery well. In October 2008, the consortium had made its first discovery in the block during drilling of Wahoo well.

The original cost of acquisition of the ten offshore blocks was 280 million dollars.

ONGC Videsh Limited ( OVL) of India has invested almost a billion dollars in the acquisition of offshore blocks in Brazil

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