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ONGC and Petrobras announce swap agreements and entry of Petrobras in India
04 June, 2007

Press Release

Oil and Natural Gas Corporation Ltd. (ONGC), the numero uno E&P company
of India, and Petroleo Brasileiro SA (Petrobras), the Brazilian Oil
Major, today announced that they have reached agreement on swapping of
interests in offshore blocks in India and Brazil. This announcement
marks an increased presence of ONGC Videsh Limited’s (OVL) presence in
Brazil and the entry of Petrobras into India.

The agreement was signed today by Mr. R S Sharma, 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 Hon’ble Prime Minister of India Dr.
Manmohan Singh and the visiting Brasilian President HE Luiz Inácio Lula
da Silva, at the Hyderabad House in New Delhi.

Speaking on the development, Mr. Jose Sergio Gabrielli De Azevedo,
President and CEO of Petrobras said, “India was always a strategic
country for us. We are extremely pleased at the development. The nature
of this deal emphasizes the strength of our relationship with ONGC and
our belief in the Indian story.”

Mr. Butola signatory to the Agreement said, “Brazil is an important
element of our global growth strategy. We believe that an increased
interest in the area is attractive and re-confirms our commitment to
growth in Brazil.”

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 per cent
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 a
first step towards the strategic partnership.

Mr. Sharma said, "This agreement is the culmination of the MoU that we
had signed with Petrobras in September 2006 in Brasilia, 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, one of the most renowned companies in
deepwater operations. We strongly believe that the expertise of
Petrobras in Deepwaters will be utilized in the development of our
offshore blocks in India.”


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