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ONGC Looking to Buy Small Stake in Libra Project

Source: Reuters 1/14/2014, Location: South America

ONGC Videsh (OVL), the overseas investment arm of state explorer Oil and Natural Gas Corp, is in talks with Petrobras to buy a stake in the Libra pre-salt project in Brazil, its managing director D.K. Sarraf said.

"We would like to participate in the block by acquiring some participating interest from Petrobras. We are in discussions with them," Sarraf said at the Petrotech 2014 conference.

OVL, which had been shortlisted to bid for the project, could not participate in the bidding as it had recently executed a deal in Mozambique, but is now looking at buying a small stake, ONGC Chairman Sudhir Vasudeva said.

In October, Brazilian state-run energy company Petrobras joined forces with European oil majors and Chinese rivals to buy the country's biggest-ever oil field, Libra, with a lone bid at the minimum price.

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