New Delhi, Dec 31: The foreign arm of state-run explorer Oil and natural gas Commission, ONGC Videsh (OVL) completed the acquisition of an extra 12 % stake within the Brazilian oil and gas field BC-10, the company announced.

The acquisition, post approval of the Brazilian regulative authorities, was completed on Mon.

The purchase was a part of the Brazilian national oil firm Petrobras’ 35 % stake within the field, bought conjointly by the Indian firm along with Royal Dutch Shell. whereas OVL picked up 12 % for $561 million, the remaining 23 % visited Shell.

Shell, thereby, raised its stake to 73 % from 50 %, whereas OVL’s stake climbed to 27 % from 15 % in the Parque das Conchas project, OVL said.

“In August 2013, Petrobras entered into an agreement with Sinochem for sale of its 35 % interest in the block for $1.543 billion. This agreement was subject to pre-emption rights of the partners. Shell and ONGC Videsh exercised their pre-emption rights for acquisition of 23 % and 12 % interest, severally,” the statement aforesaid.

OVL and Shell exercised a pre-emption right to dam Petrobras’ partner China’s Sinochem group from shopping for the Brazilian company’s 35 % interest in the field.

The BC-10 block is found within the Campos Basin, around 120 km southwest from the city of Vitoria off the of Brazilian coast.