BPCL led consortium finds more oil in Brazil

A consortium of Bharat PetroResources, Videocon Industries and the US-based Anadarko Petroleum Corp have discovered additional oil in their block in the Campos basin, off the Brazilian coast.

The consortia discovered more than 90 feet of high-quality net oil pay in the Wahoo 2 well (or Wahoo North) block while drilling, Bharat PetroResources, a wholly-owned arm of the state-run Bharat Petroleum Corp (BPCL), said.

The Wahoo 2 well is located in block BM-C-30, five miles to the north from the original Wahoo discovery well, which hit over 195 feet of net oil pay in October last year.

Net pay refers to the net thickness of an oil reservoir. The Anadarko Petroleum, the operator of block BM-C-30, holds a 30 per cent stake in the block through a wholly-owned subsidiary.

The US-based Devon Energy Corp holds 25 per cent while South Korea's SK Energy has 20 per cent interest in the block.

IBV Brazil Petroleo, a joint venture between Bharat PetroResources and Videocon, holds the remaining 25 per cent interest in BM-C-30.

"Anadarko and its partners are continuing to collect data on the Wahoo 2 well and expect to provide an update regarding the field's estimated resources after reaching target depth and incorporating the data," Bharat PetroResources said in a statement.