OVL enters development stage of Budiao discovery in Brazil

ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), has declared a 2019 gas discovery in deepsea block in Brazil as commercially viable and has now entered the development stage that will bring it to production, the firm said in a statement. OVL had registered a major gas discovery in 2019 in its deep offshore block BM-SEAL-4, Brazil, located in the Sergipe Alagoas Basin. Brazil’s Petrobras is the operator of the block with 75 per cent Participating Interest (PI) while OVL has the remaining 25 per cent stake.

The company said it “after detailed evaluation (has) now enters into the development stage with the submission of the Declaration of Commerciality (DoC) for the block BM-SEAL-4”.