ONGC & Petrobras in Asset Swap Deal

ONGC and Petrobras have reached agreement on the swapping of interests in offshore blocks in India and Brazil. This announcement marks an increased presence of ONGC Videsh Ltd's (OVL) presence in Brazil and the entry of Petrobras into India.

The agreement was signed on June 4, 2007 by Mr. R S Sharma, the Chairman, ONGC Group of Companies, Mr. R S Butola, CEO of ONGC Videsh Ltd (OVL) and Mr. Jose Sergio Gabrielli De Azevedo, President of Board of Directors of Petrobras, in the presence of Honorable Prime Minister of India Dr. Manmohan Singh and the visiting Brazilian President H E Luiz Inacio Lula da Silva, at the Hyderabad House in New Delhi.

Earlier, Petrobras had accommodated OVL by waiving its right of pre-emption in the offshore block BC-10 in favor of OVL and a 15% interest in the block was transferred to OVL. Thereafter, the Companies had entered into a MoU to jointly participate in the oil and gas exploration in Brazil, India and third countries. Today's agreement is first step towards the strategic partnership.

ONGC Chairman Mr. R S Sharma said, "This agreement is the culmination of the MoU that we had signed with Petrobras in September 2006 in Brazil, which has been very fruitful. We are extremely pleased to join hands with Petrobras as it broadens our portfolio in Latin America. We look forward to partnering with Petrobras. We strongly believe that the expertise of Petrobras in deepwater will be utilized in the development of our offshore blocks in India."

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