Videocon: Brazil discovery 3-4 times bigger than ONGC's
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Bharat PetroResources Limited, upstream arm of Bharat Petroleum Corporation Limited (BPCL), and Videocon Industries, announced that Petrobras, operator of the block SEAL-M-426 in BM-SEAL-11 Concession, Brazil, had completed assessment of the petroleum potential of the wells located in the ultra-deep waters of the Sergipe-Alagoas Basin.
"The results confirmed the presence of light oil and good productivity of the reservoirs. This drilling identified two reservoir intervals of light oil and gas - the top with a thickness of 44 metres, and the bottom 11 metres thick, the bottom zone being a new discovery for the area," Bharat PetroResources and Videocon said in a filing to an exchange.
Venugopal N Dhoot, the chairman and managing director of Videocon, told a channel: "The company believes the total reserve in Brazil is three to four times of Oil and Natural Gas Corporation's Bombay High discovery." The production will take about two and half years. Videocon Industries' scrip was trading almost flat on Monday at Rs 158. That of BPCL was trading at Rs 804, up 0.8 per cent.
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