ONGC Videsh Limited (OVL), a wholly owned subsidiary of ONGC, announced that after detailed evaluation, it has entered a development stage with the submission of Declaration of Commerciality (DoC) for the block BM-SEAL-4. The company had registered a major gas discovery in 2019 in its deepwater block BM-SEAL-4 offshore Brazil, where Petrobras is the operator with 75% Participating Interest (PI) while OVL holds 25%. The block development module of Petrobras envisages the installation of a shared FPSO and a gas pipeline. The name suggested to the Brazilian regulator for the field is Budião. The development module is presently in the contract planning phase and is expected to start production after 2026. The Consortium plans to continue all operational activities for submission of the Development Plan to the regulator and meeting the target for the first oil.

KeyFacts Energy:  ONGC Videsh Brazil country profile