A consortium of Bharat Petroleum Corp Ltd and Videocon Industries has acquired a stake in Brazilian oil exploration company EnCan Brasil Petroleo Limitada for USD 165 million.
A 50:50 joint venture of Bharat PetroResources Ltd (a 100 per cent subsidiary of BPCL) and Videocon Industries will acquire a stake from EnCana Corp of Canada and 749793 Alberta Ltd Canada, BPCL and Videocon said in separate announcements to the stock exchanges.
It, however, did not disclose the quantum of stake being acquired.
“The transaction is for interests in ten deep water offshore exploration blocks in four concessions in Brazil,” it said.
The sale, effective retrospectively from January 1, 2007, is subject to normal closing conditions, regulatory approvals, pre-emptive rights associated with certain assets, and expected to close in the first quarter of 2008.