India is seeking greater access to oil fields in Brazil as the energy-hungry nation looks at Latin America to meet its growing fuel needs.
Petroleum Minister Murli Deora met visiting Brazilian Minister for Development, Industry and Foreign Trade Miguel Jorge over a working lunch yesterday to seek greater presence of Indian companies in the Latin American nation.
New Delhi is also looking at sugarcane cultivation in Brazil. It wants to set up units to convert it into ethanol, which can be doped in petrol to reduce dependence on imported oil, official sources said.
Bharat Petroleum Corp Ltd (BPCL) has taken a lead in acquiring sugarcane farms and has also acquired Brazilian oil firm EnCana Brasil Petroleo Limitada (EBPL) for $165 million.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corp (ONGC), has three offshore exploration blocks in that country.
"During the meeting, the two ministers discussed measures to strengthen further ties of cooperation between the two countries in the oil and gas sector," a official statement issued today said.
BPCL's subsidiary Bharat PetroResources Ltd along with Videocon Industries last month acquired EBPL, which has ten deep water exploration blocks.
OVL invested in Brazil in 2006 when it acquired offshore block BC-10 in Campos Basin.
It further acquired exploration rights of two offshore blocks in March this year.
ONGC and Brazil's national oil firm Petrobras are swapping interests in three blocks in each other's country.
"During their meeting, the ministers exchanged views on the use of ethanol in transport sector," the statement said.
