Videocon consortium discovers oil in Brazil; stk rallies

MUMBAI: Shares of Videocon Industries surged over 15 per cent in trade after the company announced largest discovery of petroleum this year by a consortium.

Petroleo Brasileiro SA (Petrobas), operator of Brazil Seal-11 block, discovered extension of light oil reservoirs and new light oil accumulation in shallower reservoirs.

Petrobas holds 60 per cent participating interest in the block and IBV Brasil, a Barzilian Joint Venture Company equally held by Videocon Energy Brazil, a wholly owned overseas subsidiary of Videocon and BRPL Ventures, a wholly owned subsidiary of BPCL, holds 40 per cent stake.

“The discovery of new hydrocarbon accumulations at multiple plays will further add to the hydrocarbon resources already indicated in the said blocks,” said PRadeep N Dhoot, Director of Global E&P Business, Videocon Hydrocarbons Holdings.

The company has more than 10 blocks in Brazil amd Mozambique.

At 09:50 a.m.; the stock was at Rs 179.45, up 13.43 per cent, on the BSE. It surged over 15 per cent to touch intraday high of Rs 182.40 in early trade.