IBV Brasil Petroleo Ltda., an equal joint venture of Bharat Petroleum and Videocon Industries has struck oil off the Brazilian coast, the companies said in a statement to the Bombay Stock Exchange.
BPCL and Videocon hold 30% interest in the block named ES-M-661 in the Espirito Santo Basin, offshore Brazil.
Petrobras, the national oil company of Brazil, is the operator of the block and holds a 40% interest in it. Anadarko, another partner, has the other 30%.
The exploration well, christened ‘Grana Padano’, was drilled up to a depth of 2,961 metres under the sea bed, where the water depth was 1,208 metres. The drillers encountered an oil column of 30 metres at depths between 2,008 metres and 2,047 metres.
“The consortium will continue activities in the block, and intends to submit to the national agency of petroleum, natural gas and bio fuels a proposed evaluation plan,” BPCL said.
The BPCL stock was up 1.02% at Rs 784.95 on the Bombay Stock Exchange. Videocon Industries stock was marginally up at Rs 174.75.