|OVL signs Concession Agreement for two exploration blocks in Brazil|
17 March, 2008
ONGC Videsh Ltd (OVL) signed Concession Agreements with the Agência Nacional do Petróleo ("ANP"), the regulatory agency of Brazil, on March 12, 2008 for two exploratory blocks in a grand ceremony held at Rio De Janeiro, Brazil.
Caption: Mr. P V Sateesh Kumar, Country Manager, OVL signing the Concession Agreement on behalf of OVL
The concession agreement was signed by the Mr. P.V.Sateesh Kumar, Country Manager, Brazil.
These blocks awarded in 9th bid Round in November, 2007 comprise of one deep water block and one shallow water block.
The deep water block ES-M-470 is located in the highly prosperous Espirito Santo basin, with an area of 470 sq km, water depth in the range of 1100-1700m while the shallow water block SM-1413 with an area of 160sq.km at a water depth of about 230m, is located in the most prolific Santos basin. OVL is the operator of these blocks with 100 % participative Interest.
During the ceremony Mr. Haraldo Lima, Director General and Mr. Nelson Narciso, Director, Mr. Newton R. Monteiro, Director of ANP expressed their satisfaction and good wishes for OVL to find more oil in the Brazilian offshore. The exploration activity has become more exited after the discovery of giant field “Tupi”, which may hold reserves around 5-8 billion barrels of oil and OEG.
OVL already has 15% participative interest in BC-10 block of Campos and is expected to be on production in the third quarter of 2009. In addition to Brazil, OVL has significant presence in Latin America in Colombia, Cuba, Trinidad and Tobago (OMEL).