Don't display this message again [x]

Dear User,

On March 28, 2015 OilCareers and Rigzone will be coming together to provide you with access to the world’s largest resource for Oil and Gas news, jobs and industry insights.

We have recently updated our Terms & Conditions to accommodate these changes. Please read them carefully. By using the Site, you agree to be bound by these terms and conditions. These Terms and Conditions are effective as of March 30, 2015.

Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

India's ONGC to Buy 12% of Brazil Block from Petrobras for $529M

change text size

Reuters

Oct 14 (Reuters) – Indian state-run explorer Oil and Natural Gas Corp said its overseas arm has agreed to buy an additional 12 percent stake in a Brazilian oil block from Brazil's Petrobras for $529 million.

Petrobras had earlier agreed to sell its 35 percent stake in the block to China's Sinochem Group for $1.54 billion, but the deal was subject to pre-emption rights of ONGC and Royal Dutch Shell.

Shell is the operator of the block with a 50 percent stake, while ONGC already owns 15 percent of the block.

Shell and ONGC Videsh served a pre-emption notice on Sept. 17 to jointly acquire the 35 percent stake, ONGC said in a statement to Indian stock exchanges on Monday.

Reuters last month reported that the companies were planning to exercise their pre-emption right on the stake.

Copyright 2015 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Most Popular Articles
From the Career Center
Jobs that may interest you
Refinery Capital Project Manager
Expertise: Project Management|Refinery / Plant Operations Supervisor
Location: Houston, TX
 
Senior Sales Representative
Expertise: Business Development|Sales & Marketing|Technical Sales
Location: Texas or surrounding states, TX
 
Project Manager
Expertise: Project Engineer|Project Management
Location: Denver, Colorado
 
search for more jobs