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Money Control: ONGC joins Shell, Petrobras in Brazilian oil block

 

LONDON (Reuters) – Royal Dutch Shell Plc said on Wednesday it was increasing its stake in a Brazilian oil block and, as part of the transaction, India's state-controlled ONGC Videsh Ltd would also take a stake.

 

Shell has exercised its pre-emption option to buy an additional 30 percent interest in the Shell operated BC-10 block offshore Brazil and will sell half this stake to ONGC.

 

Technical and commercial studies are underway for the development of BC-10, which has the potential for production of around 100,000 barrels of oil per day, Shell said.

Brazilian state oil company Petrobras will remain a shareholder in the project.

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