Oil and Natural Gas Corp has offered Brazilian oil firm Petroleo Brasileiro SA (Petrobras) a stake in its east coast blocks in exchange for getting a 15 per cent stake in a Brazilian exploration acerage.
ONGC and Petrobras today signed the swapping agreement that "marks an increased presence of ONGC Videsh Ltd (the overseas arm of ONGC) in Brazil and the entry of Petrobras in India," an ONGC press release said here.
(Source: ET)
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