BPCL-Videocon acquire 50% stake in EnCana Brasil
Videocon Industries and state-run Bharat Petroleum Corporation acquired 50 per cent stake in Brazil's EnCana Brasil Petroleo Limitada.
By INDIATIMES NEWS NETWORK |
MUMBAI: Videocon Industries and state-run Bharat Petroleum Corporation acquired 50 per cent stake in Brazil's EnCana Brasil Petroleo Limitada. The deal is expected to close in the first quarter of 2008.
The transaction is for interests in ten deep-water offshore exploration blocks in four concessions in Brazil. EnCanBrasil, an oil exploration firm, is a subsidiary of EnCana Corporation, Canada's biggest natural gas producer.
According to reports, the two firms were paying about $425 million for the stake. About $165 million will be paid upfront and the balance invested in exploration commitments.
The news took the shares of BPCL up 1.71 per cent to Rs 314.35 with volume traded at 31,858 against two-week average of 94,270 shares. But Videocon saw a mere 0.33 per cent rise in shares to Rs 368.95.
The transaction is for interests in ten deep-water offshore exploration blocks in four concessions in Brazil. EnCanBrasil, an oil exploration firm, is a subsidiary of EnCana Corporation, Canada's biggest natural gas producer.
According to reports, the two firms were paying about $425 million for the stake. About $165 million will be paid upfront and the balance invested in exploration commitments.
The news took the shares of BPCL up 1.71 per cent to Rs 314.35 with volume traded at 31,858 against two-week average of 94,270 shares. But Videocon saw a mere 0.33 per cent rise in shares to Rs 368.95.
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