Videocon-BPCL team buys Brazil oil explorer
A 50:50 JV of Bharat Petroresources & Videocon has completed the acquisition of the entire stake of Encana Brasil Petroleo.
By PTI |
MUMBAI: Videocon Industries, in consortium with state-owned refiner Bharat Petroleum (BPCL), has acquired a Brazilian oil exploration firm for $283 million. A 50:50 joint venture of Bharat Petroresources (a BPCL subsidiary) and Videocon Industries has completed the acquisition of the entire stake of Encana Brasil Petroleo Limitada from Canadian gas producers ��� EnCana and Alberta, Videocon said in a filing to BSE on Friday.
The acquisition has been made for a consideration of $165 million, while the consortium would also pay $118 million as reimbursement to the Canadian firms��� expenses. Last year, domestic entities had entered into an agreement with the companies to acquire their exploration arm saying the deal was for interests in 10 deep-water offshore exploration blocks in four concessions in Brazil. While Brazil���s national oil company Petrobras operates in three concessions, US-based Anadarko Corporation���s Brazilian arm operates in one concession. Videocon shares were trading at Rs 229.40, up 5.54% in afternoon trade on BSE.
The acquisition has been made for a consideration of $165 million, while the consortium would also pay $118 million as reimbursement to the Canadian firms��� expenses. Last year, domestic entities had entered into an agreement with the companies to acquire their exploration arm saying the deal was for interests in 10 deep-water offshore exploration blocks in four concessions in Brazil. While Brazil���s national oil company Petrobras operates in three concessions, US-based Anadarko Corporation���s Brazilian arm operates in one concession. Videocon shares were trading at Rs 229.40, up 5.54% in afternoon trade on BSE.
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