Indians Increase Holding in Petrobras Block

India Oil and Natural Gas Corporation (ONGC) subsidiary ONGC Videsh has moved to acquire an additional 12% stake in a Petrobras oil block in the Parque das Conchas in Brazil’s Campos Basin for $529m, it says. The Indian says that it, along with Shell, are exercising preemptive rights to block a $1.54bn agreement Petrobras made in August to sell 35% of the asset, known as BC-10, to China’s Sinochem. ONGC Videsh initially entered the BC-10 block in 2006, buying a 15% stake, and this acquisition would bring its stake to 27%. Prior to August, Shell owned 50% of BC-10, Petrobras 35% and ONGC 15%. Petrobras is working on a plan to shed $10bn in non-core assets by 2017.