NEW DELHI (Dow Jones)
India's state-run Oil & Natural Gas Corp. (500312.BY) said Wednesday it has agreed to swap stakes in two Brazilian blocks with Brazil's state-owned Petroleo Brasileiro SA (PBR), or Petrobras, and Colombia's Ecopetrol SA (EC).
The swap will help the companies cut their exploratory risks.
ONGC Campos Limitada, a unit of ONGC's overseas investment arm ONGC Videsh Ltd., will give 43.5% in its wholly owned BM-S-73 block to Petrobras and 13% to Ecopetrol, it said in a statement.
ONGC Campos will get 43.5% from Petrobras and Ecopetrol in their block BM-S-74, meaning post-transfer Petrobras will have 43.5% and Ecopetrol will hold 13%.
ONGC had bagged offshore exploratory BM-S-73 block, located in the Santos basin, during a bidding round in 2007.
Brazil's regulatory authority National Petroleum Agency has given approval for a BM-S-73 farm-in, ONGC said, adding approval for farm-in block BM-S-74 is expected shortly.
The companies didn't disclose any financial details of the transaction.
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