Videocon to put $2.5 bln into Brazil oil

India

NEW DELHI, July 3, 2015 – India’s Videocon Industries plans a $2.5-billion investment in Brazilian oilfields.

The company, which makes consumer electronics, has been seeking to expand its business further into oil and gas.

Chairman Venugopal Dhoot told Bloomberg that the Videocon is targeting the South American fields for their larger scope as compared with Indian oil assets.

Videocon gained an equivalent $2.5 billion from a 2014 sale of Mozambique gas stake to Indian state companies ONGC Videsh and Oil India.

Dhoot aims to reposition the company as a major upstream operator in the next three years.

Partnering with Indian major Bharat Petroleum, Videocon holds stakes in 10 Brazilian oil fields.

News of the investment comes at the close of a week of announcements of scale-downs by Brazil’s Petrobras.

On Wednesday, the state company announced $25 million in asset sales, two days after setting out a 37-percent reduction in its five-year spending.

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