India, Brazil discuss cooperation in hydrocarbons sector

October 15th, 2008 - 10:18 pm ICT by IANS  

New Delhi, Oct 15 (IANS) India and Brazil Wednesday discussed ways to enhance cooperation in the hydrocarbons sector.The issue was discussed when the Brazilian minister for development, industry and foreign trade, Miguel Jorge, called up on Petroleum Minister Murli Deora.

“During the meeting, the two ministers discussed measures to strengthen further ties of cooperation between the two countries in the oil and gas sector,” said a government statement.

India’s main overseas oil exploration company, ONGC Videsh Ltd, has already made significant investments in Brazil, where it has three offshore blocks.

Additionally, ONGC and Brazil’s Petrobras have an agreement for swapping participating interests in any three blocks held by either. The two firms are also working jointly on an Colombian oil block.

Similarly, Bharat Petro Resource, a subsidiary of oil major Bharat Petroleum Corp,has also acquired 10 offshore petroleum blocks in Brazil last month in partnership with Videocon Industries.

“During their meeting, the ministers exchanged views on the use of ethanol in the transport sector,” the statement added.

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