Overseas news reports have reported that India’s Oil and Natural Gas Corp (ONGC) and Brazil’s Petrobas plan to start jointly bidding for overseas exploration blocks.
“We have a few acreages in Brazil and are looking for equity oil abroad,” ONGC exploration director DK Pande was quoted by Reuters as saying.
“We may join hands together and go to Australia.”
Pande also reportedly said there were several synergies between the two companies, describing Petrobas as “one of the pioneers in deepwater development”.
ONGC and Petrobras are partners in a Brazilian block and are also negotiating a swap deal that would give equity ownership in each other’s blocks in India and in Brazil.
