BPCL Covers Videocon's Debt on Oil Block in Brazil

BPCL Covers Videocon’s Debt on Oil Block in Brazil

Written by Kelly

Published on 28/09/2020 at 10:57

Plataformas offshore de petróleo e gás/Imagem: Divulgação

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The Two Companies Formed a Joint Venture Incorporated IBV Brasil Petróleo Ltda to Acquire Encana Brasil Petróleo Ltd from Canadian Gas Producers EnCana

The state-owned Bharat Petroleum Corp Ltd (BPCL) was forced to pay for its defaulting partner, Videocon Industries Ltd, after relying on a rarely used model to acquire stakes in five oil blocks in Brazil, sources said.

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In September 2008, BPCL and Videocon Industries formed a joint venture incorporated IBV Brasil Petróleo Limitada to acquire Encana Brasil Petróleo for US$ 283 million.

Sources said that normally these acquisitions are made through unincorporated joint ventures, but BPCL opted to form an incorporated joint venture, which is organized as a separate and distinct legal entity. And the entire entity is considered defaulting if any of the partners do not pay their share of costs.

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Videocon’s Oil and Gas Assets Are Being Auctioned Off to Recover Defaulted Bank Loans

BPCL holds 12 offshore blocks through its subsidiary Bharat PetroResources Ltd (BPRL). Five of these oil blocks are in Brazil, two in the United Arab Emirates, and one each in Mozambique, Indonesia, Australia, Israel, and Timor-Leste.

The IBV Brasil Petróleo Limitada (incorporated in Brazil), a joint venture company of BPRL Ventures BV, and Videocon Energy Brazil Ltd, renounced the subsidiaries of BPRL and Videocon Industries Limited, respectively, holding stakes in 5 blocks across 3 concessions in Brazil.

In the Sergipe Alagoas concession (BM-SEAL-11), which currently consists of three blocks, Petrobras of Brazil is the operator with a 60 percent stake, and IBV holds the remaining 40 percent.

During the exploration periods, four oil and gas discoveries – Barra, Farfan, Cumbe, and Barra – were made in this concession.

In the Potiguar concession (BM-POT-16), Petrobras is the operator with a 30 percent stake, the other partners are IBV (20 percent), Petrogal (20 percent), and BP (30 percent).

In the Campos concession (BM-C-30), BP with 35.7 percent is the operator, and the other partners are IBV Brasil (35.7 percent) and Total from France (28.6 percent).

Source: Energy World

BPCL Covers Videocon’s Debt on Oil Block in Brazil

The Two Companies Formed a Joint Venture Incorporated IBV Brasil Petróleo Ltda to Acquire Encana Brasil Petróleo Ltd from Canadian Gas Producers EnCana

Read Also

Videocon’s Oil and Gas Assets Are Being Auctioned Off to Recover Defaulted Bank Loans

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BPCL Covers Videocon’s Debt on Oil Block in Brazil

The Two Companies Formed a Joint Venture Incorporated IBV Brasil Petróleo Ltda to Acquire Encana Brasil Petróleo Ltd from Canadian Gas Producers EnCana

Read Also

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