Videocon Industries on Friday reported a new discovery of oil accumulation in Farfan area in Sergipe Basin of offshore Brazil. Petrobras holds 60% participating interest in the asset, while IBV Brasil (a joint venture company held equally by Videocon Energy Brazil and BPRL Ventures, a wholly-owned subsidiary of BPCL) holds the remaining participating interest. “Petrobras announced the results of drilling of 9-SES-188D well, informally known as Farfan ADR located in BM-SEAL-11 concession in block SEAL-M-426 in deep waters of the Sergipe Basin. The results confirm the light oil and gas discovery in Farfan area, as announced to the market by Petrobras on August 9, 2013. The results presented excellent permoporosity conditions in the turbidities reservoirs with 54 m thickness.” Videocon said in a statement. The company did not reveal how big the discovery is.
Petrobras will continue with the discovery evaluation plan, as approved by Brazil’s Petroleum, Natural Gas and Biofuels Agency. The consortium will carry on operations to confirm the extent of hydrocarbons inplace and the characteristic of the reservoir conditions encountered.
Chairman of Videocon Group VN Dhoot said: “Today’s finding puts Farfan basin among the most lucrative opportunities in the American continent. We are proud because we feel this is world class Indian success story.”
Videocon started its global oil and gas plans around 2005 and has since emerged as one of the largest and most successful explorers in the work from the Indian private sector with an enviable exploration success rate being around four times the world average of around 20%. Investments have ranged all over the world now from Australia, Timor sea, Indonesia, Oman, Mozambique and South America apart from its success in Ravva in the KG Basin.