Shri Murli Deora, Minister of Petroleum & Natural Gas met Mr. Miguel Jorge, Minister of Development, Industry and Foreign Trade, Brazil over a working lunch here on October 14, 2008. Mr. Miguel Jorge is accompanying the President of Brazil for the 3rd India Brazil South Africa Summit in New Delhi from October 13-15, 2008.
During the meeting, the two Ministers discussed measures to strengthen further ties of cooperation between the two countries in the oil and gas sector. ONGC Videsh Limited (OVL) has significant presence in Brazil, having invested in the year 2006 an offshore block (BC 10) in Campos Basin of Brazil and acquired exploration rights of 2 offshore blocks in Brazil in March 2008. ONGC and Petrobras, the premier Oil and Gas Company of Brazil, are strengthening their partnership by swapping participating interests in 3 blocks in each other’s country. OVL and Petrobras are working jointly in an oil block in Colombia.
Bharat Petro Resources Ltd., a subsidiary of Bharat Petroleum Corporation Limited, has acquired 10 offshore petroleum blocks in Brazil in September 2008, in partnership with Videocon Industries Limited.
During their meeting, the Ministers exchanged views on the use of ethanol in transport sector.
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