India, Brazil discusses stronger ties in oil, gas sector

New Delhi: India and Brazil have discussed measures to further strengthen cooperation between the two countries in the oil and gas sector.

The Petroleum Minister, Mr Murli Deora, met the visiting Brazilian Minister for Development, Industry and Foreign Trade, Mr Miguel Jorge, sought a greater presence for Indian companies in Brazil, an official statement said. Besides, Indian companies were also looking at opportunities for setting up ethanol projects in Brazil.

ONGC Videsh Ltd (OVL) has a significant presence in Brazil an offshore block (BC 10) in Campos Basin of Brazil and exploration rights of two offshore blocks. ONGC and Petrobras, the premier oil and gas company of Brazil, are strengthening their partnership by swapping participating interests in three blocks in each other’s country. OVL and Petrobras are working jointly in an oil block in Colombia.

Bharat Petro Resources Ltd, a subsidiary of Bharat Petroleum Corporation Ltd, acquired 10 offshore petroleum blocks in Brazil in September 2008 in partnership with Videocon Industries Ltd.