BPCL to match Brazilian offers for Videocon's oil basins
OIL & GAS

BPCL to match Brazilian offers for Videocon's oil basins

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.

Also Read
India Makes History: 100 km road constructed in 100 hours
NHAI issues tender for NH 56 expansion in Gujrat

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. Also Read India Makes History: 100 km road constructed in 100 hours NHAI issues tender for NH 56 expansion in Gujrat

Related Stories

Gold Stories

Next Story
Real Estate

L&T Wins Mega Order for India’s Largest NVIDIA B300 AI Factory

Larsen & Toubro (L&T), through Vyoma.AI’s AI infrastructure subsidiary LTN Compute, has secured a mega order to develop what the company describes as India’s largest single-cluster AI infrastructure facility. The NVIDIA B300 AI Factory will support US-based AI cloud company Together AI’s platform for large-scale inference, fine-tuning and training workloads.The integrated AI Factory will be hosted at Vyoma.AI’s Chennai data centre campus and will have a capacity of 10,000 NVIDIA B300 GPUs. The platform will combine hyperscale data centre infrastructure, accelerated computing, h..

Next Story
Infrastructure Urban

Autodesk Elevates Nikhil Bagalkotkar to Lead AEC in India, SAARC

Autodesk has elevated Nikhil Bagalkotkar as Head – Architecture, Engineering and Construction (AEC), India and SAARC, with immediate effect.In his new role, Bagalkotkar will lead Autodesk's AEC business strategy across the region and drive adoption of the company's Design and Make platform. He will also focus on promoting digital design and construction technologies to help customers accelerate innovation and deliver more sustainable and resilient infrastructure.Bagalkotkar will be responsible for expanding Autodesk's AEC business, strengthening customer and partner engagement, and accelerat..

Next Story
Real Estate

Listed Developers' Pre-Sales Seen Rising 22.3 Per Cent in FY27

India's leading listed residential developers are expected to sustain strong sales momentum in FY27, with combined pre-sales of 11 major players projected to rise 22.3 per cent year-on-year, according to an analysis by ANAROCK Research & Advisory.Combined pre-sales of the developers are estimated to increase from Rs 1.49 trillion in FY26 to Rs 1.82 lakh crore in FY27. ANAROCK attributed the growth to sustained end-user demand, new project launches and strong execution despite higher property prices, construction costs and global uncertainties.Dr Prashant Thakur, Executive Director and Head..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement