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| Edited By: |Source: Reuters |Updated: Mar 30, 2018, 02:48 AM IST
Brazil's Petrobras is keen to exit from an exploration block operated by state-run Oil and Natural Gas Corp, the Indian firm's director for finance, DK Sarraf, said on Thursday.
"A couple of weeks ago Petrobras had informed us about their intention to exit the block," Sarraf told reporters on the sidelines of a conference.
Petrobras holds 10% in the deep-sea exploration block in India's gas-rich Krishna-Godavari basin.
Sarraf said ONGC will rope in a new partner in the block.
"Its all about risk sharing and technology," he said.
Norway's Statoil will continue to stay as a partner in the block with 15% stake, he added.
ONGC plans to invest Rs270 billion ($6 billion) in the current financial year versus Rs250 billion in 2009-10 to implement various exploration related programmes and use better techniques to boost output from the ageing fields, Sarraf added.
