JV of BPCL, Videocon find oil off Brazilian coast

NEW DELHI: A consortium of Videocon Industries and Bharat Petroleum has found oil off the Brazilian coast.

The JV firm - IBV Brasil Petroleo Limitada – got 30% interest in the block known as ES-M-661 in the Espirito Santo Basin.

The block is operated by Petrobras, the national oil company of Brazil and it enjoys 40% interest in it. Another company called Anadarko has 30% stake.

Reports suggest that exploration well has been drilled up to a depth of 2,961 metres under the sea bed and the water depth was at 1,208 metres.