New Delhi/UNI: The overseas exploration and production arm of Oil and Natural Gas Corporation, ONGC Videsh (OVL) has entered the development stage in its Brazil offshore project BM-SEAL-4 with the Declaration of Commerciality (DoC), the company said on Friday. The company is a wholly owned subsidiary of ONGC, the national oil company of India.
The company had registered a major gas discovery in 2019 in its deep offshore block BM-SEAL-4, Brazil, located in the Sergipe Alagoas Basin.
Petrobras is the operator of the block with 75 percent participating interest (PI) and ONGC Videsh holds 25 percent PI.
After detailed evaluation, OVL has entered into the development stage with the submission of Declaration of Commerciality (DoC) for the block BM-SEAL-4.
The block development module of Petrobras envisages the installation of a shared floating production system (FPSO) and a gas pipeline.
The name suggested to the Brazilian regulator for the field is Budião.
The development module is presently in the contract planning phase and is expected to start production after 2026.
The consortium plans to continue all operational activities for submission of the development plan to the regulator and meeting the target for the first oil.