Bharat Petroleum Corp (BPCL) has agreed to match offers given by Brazilian companies for two separate oil basins of Videocon Oil Ventures Ltd (VOVL). VOVL is undergoing corporate insolvency.
BPCL's subsidiary BPRL Ventures BV has a 50% stake in VOVL. As a JV partner, it has the first right to match any offer that lenders receive for VOVL oil basins.
In April, 90% of VOVL's lenders voted to sell the Potiguar Basin and Sergipe Basin to Eneva for $250 million. They voted to sell the Campos Basin to PetroRio for $30 million.
BPCL has until May 30 to match the offers. If it does, the sale will go ahead. If it does not, the sale will go to Eneva and PetroRio.
VOVL's lenders are expected to recover around 8% of their loans if the sale goes ahead.
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