ONGC to buy 12% of Brazil block from Petrobras for $529 million

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Indian state-run explorer Oil and Natural Gas Corp said its overseas arm has agreed to buy an additional 12% stake in a Brazilian oil block from Brazil's Petrobras for $529 million.

Petrobras had earlier agreed to sell its 35 percent stake in the block to China's Sinochem Group for $1.54 billion, but the deal was subject to pre-emption rights of ONGC and Royal Dutch Shell.

Shell is the operator of the block with a 50 percent stake, while ONGC already owns 15% of the block.

Shell and ONGC Videsh served a pre-emption notice on Sept. 17 to jointly acquire the 35% stake, ONGC said in a statement to Indian stock exchanges on Monday.

Reuters last month reported that the companies were planning to exercise their pre-emption right on the stake.

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