Videocon consortium announces petroleum discovery in Brazil

Venugopal Dhoot, chairman and managing director, Videocon tells CNBC-TV18 that a consortium with Petrobas and BPCL has discovered petroleum in Brazil. While the quantum of the discovery will be known soon, Dhooth says the scale of the same is huge.“We have discovered a huge column of oil, about 78 meter. The reservoirs discovered there are very encouraging,” adds Dhoot.

Earlier last month Videocon announced the discovery of light crude oil in the Sergipe Basin off that country’s northeast coast.

According to Petrobas, the BM-SEAL-11 exploration block is the biggest new oil offshore frontier in Brazil since giant discoveries in the Santos Basin south of Rio de Janeiro were announced in 2007.