ONGC, Petrobras sign deal to explore blocks

Oil and Natural Gas Corporation (ONGC) has tied up with Brazilian major Petrobras for joint exploration and production activities.

"ONGC will be our main partner in the seventh round of auction of oil blocks (NELP-VII). We will participate actively in the seventh round," G Astrella, Director (E&P), Petrobras,  said today.

The two companies will also jointly bid for exploration blocks under the ninth round of auctions in Brazil, Astrella added.

Astrella, however, stopped short of a definite statement on the Brazilian company taking a stake in the block in the Krishna-Godavari basin where ONGC has discovered large gas reserves. "There is a possibility that we may pick up a stake in the K-G basin," he said.