Videocon up 15%; consortium discovers petroleum in Brazil

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26 Aug, 2025 12:21

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Shares of Videocon Industries surged over 15 percent in early trade on Tuesday after it announced petroleum discovery in Brazil by a consortium.

“The accumulation is part of the Sergipe-Alagoas Basin ultra-deep water exploratory project, as provided for in the 2014-18 business and management plan.The well 3-SES-186 is currently under further drilling to the target depth of 6060 meters, at water depth of 2467 metres,” Videocon said in a statement issued to BSE.

This is largest discovery of petroleum by the consortium this year. The consortium includes Petrobras, BPCL and Videocon.

The consortium partners will continue implementation of the Discovery Assessment Plan (PAD) as approved by the Brazilian regulatory authority, Agencia Nacional Do Petroleo, Gas Natural e Biocombustiveis (ANP). Petronas holds 60 percent participating interest in the concession and IBV Brasil (a Brazilian JV company equally held by Videocon Energy Brazil, a wholly owned overseas subsidiary of Videocon, and BPRL Ventures, a wholly owned subsidiary of BPCL) holds the remaining 40 percent participating interest in the concession. The consortium will carry on operations in the area to further confirm the extent of the hydrocarbons inplace and the characteristics of the reservoir conditions encountered, it said.

At 09:40 hrs Videocon Industries was quoting at Rs 180.35, up Rs 22.15, or 14.00 percent on the BSE.