BPCL, Videocon strike oil off Brazil coast

NEW DELHI: Bharat Petroleum Corp Ltd (BPCL) and Videocon Industries have made a significant oil discovery in Espirito Santo Basin off the coast of Brazil.

Both companies are part of a consortium that have an interest in the block, along with Brazilian national oil company Petrobras and Anadarko of US.

Exploration Well 1-ESS-209, known as 'Grana Padano', discovered a 30-metre oil column, the companies said in a statement.

Petrobras holds 40 per cent stake in the block and IBV Brasil Petroleo Limitada, a 50:50 JV company of BPCL's Bharat Petro Resources Ltd and Videocon Industries, holds 30 per cent.

The balance 30 per cent interest is held by Anadarko Petroleo Limitada.

"The consortium will continue the activities in the block, and intends to submit to the national agency of petroleum, Natural gas and biofuels (ANP) for a proposed evaluation plan," it said.